Activist investor Elliott Management wants Twitter to have the focus of a full-time CEO. Jack Dorsey splits his time between Twitter and Square.
that an activist investor has built a sizable stake in the social media company and is pushing for changes, including possibly replacing co-founder and Chief Executive Jack Dorsey.
Instead, Twitter’s representatives included Chairman Omid Kordestani and lead director Patrick Pichette, said the people, who asked not to be identified because the details weren’t public. In Elliott Management’s corner was the New York-based hedge fund’s head of U.S. activism, Jesse Cohn, and portfolio manager Marc Steinberg, they said.
The company, co-founded by Dorsey in 2006, has moved sluggishly when it comes to launching new products, with consistent turnover within its product organization plaguing innovation for years. Although the process reflects Dorsey’s thoughtfulness, and his willingness to examine a product from all sides, it can come at the cost of moving too slowly for a consumer internet company in a crowded and competitive industry.
: “If you lose 140 characters, people are like, ‘Eh.’ If you lose $140 or even $1.40, it’s important.”
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