Bitcoin Advocate Jack Dorsey May Be Removed From Twitter as CEO

Investment company Elliott Management Corp. acquired a large stake in the microblogging platform Twitter and plans to remove its current CEO Jack Dorsey writes Bloomberg with reference to sources “familiar with the matter”.

According to Bloomberg, four potential directors have already been nominated for this role.

According to sources, investor dissatisfaction is caused by a low level of innovation on Twitter, while competitors are inventing new ways to increase user engagement. Elliott expects to change the state of things ahead of the US elections, the Olympics and other important events, which, as a rule, attract users and customers of advertising.

In addition, Dorsey is one of the few CEOs to manage two large public companies at once, which is why he attracts additional criticism during the decline in Twitter shares. Since Dorsey’s return to Twitter in July 2015, the stock has fallen 6.2%, while Facebook has grown 121%. He also announced that he plans to work up to six months a year in Africa, where, among other things, he is distributing Bitcoin.

Dorsey openly supports Bitcoin and admits that it can become the currency of the Internet. He also founded the payment company Square, which actively sells Bitcoins to its customers.

The investment firm has been in private talks with Twitter about its concerns, Bloomberg adds.

Author: Marko Vidrih

Featured image credit: nytimes