UPDATED 8:40 AM PT — Monday, March 2, 2020
A Republican billionaire has bought a significant stake in Twitter with plans to push out the social media giant’s current CEO. According to reports, hedge fund company Elliot Management, which is owned by billionaire Paul Singer, has taken a “sizeable stake” in Twitter.
Singer reportedly plans to make changes in the company, including a possible ouster of its co-founder and CEO Jack Dorsey. The firm has already nominated four directors to the company’s board. The billionaire’s goal is apparently to fill all three executive seats, which opened up during Twitter’s annual meeting this year.
Singer is seen as an ally of President Trump despite having originally been against his nomination in 2016.
“As you know, Paul was very much involved with the anti-Trump, or as they say ‘Never Trump,’ and Paul just left and he’s given us his total support,” President Trump stated during a 2017 news conference. “And it’s all about unification.”
This comes as Twitter has faced a number of issues lately, including slow user growth and stock performance as well as controversy over the censorship of conservative voices on the platform.
Last year, GOP congressman Devin Nunes sued the website over its supposed practice of shadow-banning conservatives. This particular practice partially blocks a users content, which means their posts would be less likely to show up on people’s Twitter feeds. Nunes also claimed the tech giant ignored complaints of abusive behavior from left-wing activists on the platform.
President Trump has repeatedly called out the website over its bias. Multiple other Republicans have also come out against the company over its alleged anti-right wing agenda.
Meanwhile, Twitter’s share prices rose last week following rumors of Singer’s newest investment.