Elon Musk backs Twitter CEO Jack Dorsey as activist shareholder seeks replacement

X CEO Elon Musk has publically supported Twitter CEO, Jack Dorsey on March 3 as tensions cloud over latter's position with activist shareholder seeking a replacement. This came just days after media reports stated that activist investor Elliott Manment Corp has pushed for Dorsey's removal from role, but Tesla co-founder said that he supports him and that Dorsey has a “good heart”.

Elliott founded by billionaire Paul Singer has reportedly taken a stake of more than $1 billion in Twitter and minated four directors.  American investment manment firm's main concern is need for Twitter to have a full-time CEO rar than someone like Dorsey who splits his time between social media company and mobile-payments platform, Square Inc.

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Elliot roots for undivided attention

According to reports, Elliott thinks that Twitter requires unflagging attention of its CEO in a year where major news events are colliding. shareholder also wants Twitter's CEO to oversee role that  company plays while disseminating information especially when new users and advertisers are congregating microblogging website. Moreover, people familiar with matter have also reportedly revealed that when Twitter executives met Elliott for first time, last week, Dorsey chose to skip it. 

However, even though it still remains unclear how big a stake New York-based firm has in Twitter or who it wants to replace Dorsey. However, sources of international media outlets have also revealed that Eliott was open to possibility of Dorsey to become a full-time Twitter CEO as long as he is willing to give up his or jobs as CEO of payments techlogy company. But, Dorsey is reportedly unlikely to do that. Since Twitter only issues common stock unlike Facebook and Google, it gives company's shareholders equal voting rights. Dorsey even though runs company but he owns only a small percent of Twitter's shares.

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Musk is one of Twitter's most frequent high-profile users is reportedly a big fan of service. Moreover, when Dorsey's Twitter hosted a company-wide international retreat earlier this year in Texas, Tesla CEO had joined through teleconference to offer his suggestions for how to make product even better. That time, Musk had advised that Twitter should do more in order to label bots.

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(With ncy inputs)