Activist investor Elliott Management is seeking to oust Twitter CEO Jack Dorsey, Bloomberg News reported late Friday.

The $40.2 billion hedge fund run by Paul Singer has taken a major stake in the social media company and is urging changes, people familiar with the matter told the news outlet.

Twitter declined to comment. Elliott Management could not immediately be reached for comment.

According to Bloomberg News, Elliott Management has nominated four directors to Twitter's board.

Dorsey has drawn scrutiny for running two publicly traded companies: Twitter and Square. He also said he plans to work up to six months a year in Africa.

Dorsey's split attention is one of the reasons Elliott Management is pushing to remove him, a source told CNBC. Twitter and Square each have market valuations of more than $5 billion.

Elliott Management is one of the most successful activist investors. One of its other current targets is Japanese technology investment giant SoftBank.

Twitter used to be one of the most buzzed about companies in Silicon Valley. Even today, conversations that take place on the service tap into the world's pulse, be it the escalating feud between Donald Trump and Nancy Pelosi, the spread of the coronavirus or the #MeToo movement.

But it has struggled to keep the spotlight as competitors Facebook, Facebook-owned Instagram and others encroached on its popularity and spirited away users, making Twitter vulnerable to activist investors.

In 2015, Dorsey returned to the company he co-founded with the mandate of fixing long festering problems. Unlike Facebook co-founder and CEO Mark Zuckerberg, Dorsey does not have voting control of the company.

This article originally appeared on USA TODAY: Elliott Management wants to oust Jack Dorsey as Twitter CEO, reports say