Elliott Management founder and billionaire investor Paul Singer is seeking to replace Twitter CEO Jack Dorsey, a person familiar with the matter told CNBC Friday.

Bloomberg first reported the story on Friday.

Twitter did not immediately respond to a request for comment from CNBC.

Elliott is pushing for Dorsey's removal in part because his attention is split between running both Twitter and Square, and Dorsey's desire to move to Africa, the person said. Dorsey is the only CEO of two public companies with market valuations of more than $5 billion.

Twitter was up more than 7% after hours.