The billionaire bromance continue
Elon Musk lended public support to Twitter CEO Jack Dorsey who’s being pressured to step down by an activist investor. “Just want to say that I support @Jack as Twitter CEO. He has a good heart,” Musk tweeted, using a heart emoji because that’s how middle-aged billionaires communicate.
On Friday it was reported that Paul Singer, the billionaire founder of Elliott Management, took a stake in Twitter with the intent of making a number of changes at the micro-blogging platform. Elliott has a more than $1 billion stake in Twitter, according to CNBC, and has nominated four new board members
Bloomberg reports that Twitter executives met with representatives from Elliott Management for the first time last week. Dorsey was absent, even though he was the main topic of conversation. One change Elliott hopes to make is the removal of Dorsey, who’s been accused of being inattentive to Twitter’s earnings potential as he splits his time as CEO of Square where 85 percent of his wealth resides. The Twitter / Square CEO has also been criticized for moving too slowly, with a preference for talking instead of doing. Dorsey hasn’t helped himself by saying he’d like to temporarily move to Africa this year.
Dorsey’s return as CEO of Twitter in July 2015 was met with advice from Elon Musk. “I wouldn’t recommend running two companies,” said the CEO of Tesla and SpaceX. Twitter shares have since fallen 6.2 percent, while Facebook’s have gained more than 121 percent, according to Bloomberg
Musk and Dorsey were last seen bromancing each other at a company meeting in January, where Musk was projected onto a giant screen in front of thousands of Twitter employees. “If you were running Twitter,“ Dorsey asked, “what would you do?” Musk’s response was get rid of the bots.
Others want to get rid of the CEO, which just might happen.