Elliott Management Corp. has taken a big stake in Twitter Inc. and will push for changes at the social media company, including replacing Chief Executive Officer Jack Dorsey. The firm has nominated four directors for Twitter’s board, with three seats becoming available at this year’s annual Twitter company meeting. Elliott reportedly has had talks with Twitter’s top executives about proposed changes.
Twitter has long been a target for activist investors. Co-founder Dorsey doesn’t have voting control of the company like Facebook Inc.’s Mark Zuckerberg, because of only one class of stock. The company’s governance has been criticized for a while, as Dorsey is also CEO of Square Inc. The company’s stock has been largely flat while other social media outlets have soared.