Elliott built a stake in Twitter, is pushing for changes: source By Reuters
NEW YORK (Reuters) – Activist hedge fund Elliott Management has built a stake in Twitter inc (N:) and is pushing for changes, a person familiar with the matter said on Friday.
Founded by billionaire Paul Singer, New York-based Elliott is one of the world’s biggest activist investors and pushes for changes at prominent corporations to improve operations and ultimately the share price.
In after-hours trading, the share price of the microblogging and social network service jumped 7.7% to $33.20.
CNBC reported that Elliott is seeking to push out Twitter CEO Jack Dorsey, who is also the CEO of Square (N:). Dorsey is the only person who is the CEO of two publicly traded companies.
Calls to Elliott and Twitter for comment were not immediately returned.
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