Popular social media platform, Twitter is likely be contemplating the replacement of its present CEO, Jack Dorsey. At the head of this possible company restructuring and roles redesignation are major investors with Paul Singer.
Crypto Twitter and Jack Dorsey
Singer is Elliott Management founder and billionaire investor. Report coming in from giant media platforms claims that Paul Singer is pushing the motion at the forefront. According to Singer, the crypto-friendly social media platform, Twitter is desperately in need of active restructuring and role redesignation. In Singer’s opinion, these are necessary to bring Twitter back up to standards.
Singer refers to Dorsey’s split-interest and divided attention due to Square Inc. hurting Twitter. Since his reinstatement as CEO in 2015, Twitter stocks have been overly underperforming compared to contemporary Facebook.
Elliott isn’t the only investor to voice concerns about Dorsey and Twitter’s governance.
In December, Scott Galloway, a professor of marketing at New York University’s Stern School of Business, penned a letter about his own concerns as an investor in the company.
“To be clear, my primary objective is the replacement of CEO Jack Dorsey,” Galloway said in an open letter to the company’s executive chairman, Omid Kordestani. “However, your firm’s weapons of mass entrenchment include a staggered board that may force shareholders to seek to replace other directors, including yourself, first.”
Win Or Lose For Bitcoin?
Undoubtedly, changes made at the administrative level at Twitter also have some other obvious possible derived changes. The changes described have a lot of economic and political implications. And particularly for crypto, this may result in an undesired ending.
To start with, Twitter creates a favorable atmosphere through which cryptocurrencies are heavily promoted. Over the last decade, the vast community of crypto evangelists and enthusiasts have altogether raised a domain now popularly known as Crypto Twitter. However, changes made to Twitter might untimely limit the activities of the crypto space and definitely reduce the rate of adoption.
So far Twitter CEO is very proactive in blockchain and cryptocurrencies. In line with his interests in space, there have been no limits on communications, promotions, and discussions related to many cryptocurrencies including bitcoin. However, changing him at the administrative level may begin another era of heavy unfriendly regulations towards Crypto Twitter.
Speaking of political implications, Twitter, which also provides a platform for political participation, advocacy, and campaigning may restrict such activities.