The founder of the social network, Jack Dorsey, submitted his resignation from office. This decision would have been made as part of the pressure from Elliott Management, an investment company that in 2020 would have already tried to impose itself on the creator of the application. The announcement caused an 11% increase in the company’s shares.
The news was shared in a tweet published moments ago:
In the last year, Twitter has diversified its investment by acquiring subscription services to directly monetize the functions of the social network. Part of Dorsey’s forays focused on Square, the digital payments firm that acquired all of Tidal’s operations.
According to CNBC sources, Elliott Management founder Paul Singer would have asked Dorsey to resign from one of the companies he runs.
Dorsey walks away from Twitter
For some time now, Jack Dorsey has shown increasing interest in other types of technology bets. Part of its communications in networks are based on Bitcoin, decentralized technologies and investments in innovation projects.
After friction with Elliott Management, Dorsey was able to have room for maneuver to attract investment to the platform. However, the CEO’s decisions would not have prevented a “succession plan” drawn up by investors.
After founding Twitter, Dorsey became chairman of the company’s board of directors in 2008 and became CEO of the company after the departure of Dick Costolo. During 2020, Twitter dealt with a series of publications by former President Trump with fact check tools, which led to the definitive suspension of the billionaire’s account.