Investor and billionaire Paul Singer wants Jack Dorsey out of Twitter. According to an article by CNBC on 28th February the founder of Elliott Management is concerned that Dorsey has to deal with two companies worth over 5 billion dollars. On top of this he wants to move to Africa.
Singer and Twitter
Singer is not some small market player, but an investor whose hedge fund is worth as much as $40.2 billion. Elliott Management is a market giant that has recently appointed up to four directors to Twitter’s board of directors.
But why did Dorsey find himself in the target of the billionaire? Actually, the reason is not particularly original. Twitter’s CEO has already been criticized for being the CEO of two listed companies. In addition to the social network, he also manages a payment platform, Square. Both entities are valued at over $5 billion.
Dorsey’s ADHD is not the only problem. Singer is also concerned about his plan to move to Africa, which he announced some time ago.
The blow to BTC
Dorsey has long supported Bitcoin and played a key role in implementing an easy to use cryptic system in the Square – Cash App software. As reported by the media who write about digital currencies and blockchain, half of Cash App revenue now comes from BTC’s turnover.
Square has also invested in Square Crypto, a team financed by Square to improve the overall Bitcoin ecosystem. Steve Lee, who recently explained his position to the team in his tweet, even said that:
“I don’t work for Square, I work for Bitcoin. Square is paying me to devote all my time and energy to working on Bitcoin.”
However, if Dorsey were to be removed from Twitter management, it would not be good news for the crypto market. Recall that some time ago the media wrote about the fact that the portal was to be based on new, decentralized, foundations. There were also rumors that the company would introduce a system of tips, and these could be paid at BTC.