Twitter CEO Jack Dorsey is re-evaluating his plans to travel to Africa for some time, according tomedia reports. At a press conference in Morgan Stanley on Thursday, local time, Dorsey said he would probably not be going to the land during the new crown outbreak, and that there were other things that were under way to make the decision — Elliott Management, a radical investor. Corporation intends to remove it from the company.
Elliott Management Corporation reportedly bought a 4% stake in Twitter last week and plans to nominate four members to the company’s board and replace Dorsey as the new CEO.
Now, Dorsey believes it was a “mistake” to declare Africa’s decision without any proper context. He went on to clarify that Africa, one of the most populous continents in decades, would be a “huge opportunity” for young people to join the platform, and that Twitter would explore development opportunities in Africa in the future. For now, however, it seems unlikely that this year will be a big deal.
Dorsey’s change stake in Africa could be seen as his first public recognition of Elliott’s threat to his leadership. Dorsey initially said in November that he planned to stay in Africa for three to six months, which he said would “define the future.” One of the most puzzling reasons for this is that Dorsey is running two big technology companies, not one – and square, a payment company.
In fact, Dorsey’s dual CEO role between Square and Twitter was one of the main reasons Elliott made the social media company a hostile takeover target. Elliott clearly believes that Dorsey’s lack of firm leadership has dragged down Twitter’s share price, so he wants it to step down, allowing a more financially minded person to take up the position and thus push ingling through new Twitter products.
Over the past few years, Twitter has been criticized for its inaction on its core product development, spending a lot of time researching but never implementing new features and making very subtle changes to the experience. While the company has stepped up its pace, announcing yesterday that it is testing a new feature called Fleets, a class of Stories that will revolutionise the way users communicate on the platform, it may not be enough to appease Elliott.
While Dorsey is currently backed by his own employees and well-known tech friends such as Tesla CEO Elon Musk, given that Paul Singer, the billionaire founder of Elliott and hedge fund, is one of the strongest and toughest investors. Dorsey has a long way to go if he wants to sit down in his current position.