Elon Musk backs Twitter CEO Jack Dorsey as activist investor circles
Elliott Management seeks Dorsey's ouster as Twitter CEO
FOX Business’ Charlie Gasparino on the latest news surrounding Twitter and its management.
Tesla CEO Elon Musk backed Twitter CEO Jack Dorsey on Monday following reports that billionaire investor Paul Singer’s Elliott Management had launched a bid to replace him as head of the social media company.
“Just want [to] say that I support @Jack as Twitter CEO,” Musk wrote on Twitter. He has a good [heart].”
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A prominent Twitter user, Musk has 31.6 million followers on the platform. He often uses Twitter to communicate major developments at his companies, including Tesla, SpaceX and the Boring Company. In one high-profile incident, Musk drew a $20 million fine after he erroneously tweeted that Tesla had secured funding to go private at $420 a share.
Morning Business Outlook: Twitter users can now flag tweets they think contain misleading information about voting in the 2020 election; the average ticket price for Super Bowl LIV logs in at $6,845.
Musk’s statement of support for Dorsey came after Elliott Management, which holds a sizable stake in Twitter, began a push to oust the company founder. The activist investor firm nominated four directors to Twitter’s board and approached the company about its concerns.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | NO DATA AVAILABLE | - | - | - |
Like Musk, Dorsey has leadership roles at more than one company. Dorsey serves as CEO of both Twitter and mobile payments company Square. His dual roles, as well as his stated plan to move to Africa for at least six months in 2020, have roiled investors in recent weeks.
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Twitter shares surged nearly 8 percent on Monday following the reports of Elliott Management’s play against Dorsey.
Twitter and Elliott Management have declined to comment.