Billionaire investor Paul Singer is pushing for the removal of Jack Dorsey as CEO of Twitter. According to a CNBC article dated February 28, the founder and activist of Elliott Management is worried about Dorsey’s time split between two companies over $ 5 billion and his desire to move to Africa.
A singer questions Dorsey
The $ 40.2 billion hedge fund managed by Singer recently took a major stake in the social media giant and has already appointed four alternate directors to the Twitter board, reports said.
Dorsey has already been criticized for his role as CEO of two publicly traded companies; Twitter and Square, both of which have market valuations of over $ 5 billion. Singer is also concerned about Dorsey’s plans to work up to six months a year in Africa.
Square and Twitter are both pro-Bitcoin
Dorsey is a longtime supporter of Bitcoin and has been instrumental in implementing an easy Bitcoin onramp in his business, Square’s, Cash App. As Cointelegraph reported this week, half of the Cash App revenue now comes from Bitcoin-related revenue.
Square also invested in Square Crypto, a team funded by Square, responsible for improving the entire Bitcoin ecosystem. Square Crypto made a number of hires in 2019, including its first hiring, Steve Lee, who recently clarified his position in a tweet:
“I don’t work for Square, I work for Bitcoin. Square pays me so that I can spend all my time and energy working on Bitcoin. “
