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Twitter boss Jack Dorsey challenged by Elliott fund - France 24


Twitter boss Jack Dorsey challenged by Elliott fund

San Francisco (AFP)

The Elliott investment fund is seeking to replace Jack Dorsey, boss and founder of the social network Twitter and figure of Silicon Valley, according to articles published in the American financial press Friday.

According to a source from the CNBC chain, the American fund would like to dismiss Jack Dorsey "because his attention is divided between Twitter and Square (a company specializing in digital payment, also founded by Mr. Dorsey, editor's note) and because he wishes go to Africa ".

Twitter's share appreciated by almost 8% during electronic exchanges after the close of Wall Street. The San Francisco-based company declined to comment.

March 21, 2006 Jack Dorsey sends the first tweet: "just setting up my twttr" from his @jack account, the first address in Twitter history. But in 2008, criticized for mismanagement , he is ousted and replaced by another co-founder, Evan Williams.

Back in 2015, he announced the elimination of 8% of the workforce, or some 340 jobs. He promises more listening and transparency to the developers with whom he apologized for the confusion of the group, and undertakes to simplify the products offered with the hope of further attracting the general public.

The same year, his mobile payment company Square went public. Twitter achieved profitability for the first time in 2017.

Founded in 1977 by American businessman Paul Singer, Elliott is considered one of the most powerful and aggressive investment funds in the world, with nearly $ 40 billion in assets under management.

Samsung, ThyssenKrupp, Bayer, Pernod Ricard ... the list of its sometimes controversial acquisitions is long. The fund is also sometimes called a "vulture" for its propensity to buy back the debts of countries in difficulty, like in Argentina, because of the high yields attached to it.

© 2020 AFP

Source: france24

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