Elliott Management Corp. has taken a big stake in Twitter Inc. and will push for changes at the social media company, including replacing Chief Executive Officer Jack Dorsey, according to a Bloomberg News report.
The firm has nominated four directors for Twitter’s board, with three seats becoming available at this year’s annual Twitter company meeting. Elliott reportedly has had talks with Twitter’s top executives about proposed changes.
More from Deadline
- With Coronavirus Comes A Shot At Media Redemption
- Oscars: Top Social Media Moments From 92nd Academy Awards
- How To Watch The Oscars Online And On TV
Representatives for Elliott and Twitter declined to comment to Bloomberg.
Twitter has long been a target for activist investors. Co-founder Dorsey doesn’t have voting control of the company like Facebook Inc.’s Mark Zuckerberg, because of only one class of stock. The company’s governance has been criticized for a while, as Dorsey is also CEO of Square Inc. The company’s stock has been largely flat while other social media outlets have soared.
Best of Deadline
- Hong Kong Filmart Postponed Due To Coronavirus Fears; Event Moves Two Weeks Before Toronto
- Peacock Programming: List Of NBCUniversal Streaming Service’s Series, Films, Sports, News & More
- Stan Lee's Legacy: Ranking The Hollywood Heroes Co-Created By The Marvel Comics Icon