Bloomberg News: Republican Billionaire Paul Singer’s Elliott Management Buys Sizable Stake in Twitter, Seeks to Oust Jack Dorsey

CARDINAL NEWS Headlines, News Highlights and Current Events for Saturday, February 29 2020

NBC Nightly News Friday, February 28 2020.

Paul Singer targeting Twitter

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Twitter has been a potential target for activist investors for years, and now Bloomberg News reports that activist investor Elliott Management Corp. has taken a sizable stake in Twitter Inc. and plans to push for changes at the social media company, including replacing Chief Executive Officer Jack Dorsey.

Paul Singer, who is active in Republican Party politics and involved in top source of contributions to the National Republican Senatorial Committee, has a reputation as a vulture capitalist because his hedge fund, Elliott Management Corporation (EMC), specializes in distressed debt acquisitions.

Twitter has been a potential target for activist investors for years, and the company has been criticized for failing to capitalized on advertising. Also, the company only has one class of stock, which means co-founder and CEO Jack Dorsey doesn’t have voting control of the company similar to Facebook Inc.’s Mark Zuckerberg or Snap co-founders Evan Spiegel and Bobby Murphy.

Singer’s philanthropic activities include financial support for LGBTQ rights.

    — US & World News

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