Elon Musk took to Twitter to show his support of the social media platform’s CEO Jack Dorsey. After a bid to see Dorsey step down from his position by an activist investor who has a stake in Twitter, Musk was outspoken in saying Dorsey “has a good heart.”
Just want say that I support @Jack as Twitter CEO. He has a good ??.
— Elon Musk (@elonmusk) March 3, 2020
According to a report from The Verge, billionaire and founder of Elliott Management, Paul Singer, took a $1 billion stake in Twitter last Friday. Singer hopes to make a number of changes to Twitter’s platform, including pushing out Dorsey as CEO.
This lead to a dramatic spike in the shares of Twitter. Singer’s involvement and the announcement of plans added more than $2 billion to Twitter’s market value, as reported by CNBC. Singer has also nominated four new board members
One firm plan Singer has in place is removing Dorsey as CEO of the company. Reasoning stems from the fact that Dorsey is dividing his time between overseeing Twitter and running Square. Singer has accused Dorsey of not prioritizing the social media company. Per a Bloomberg report, Twitter executives sat down with Elliott Management without Dorsey present to discuss the situation.
Although the future of Dorsey’s involvement regarding Twitter remains unclear, there is a vocal outcry of support. Musk’s kind words were only the tip of the iceberg. Twitter employees and other supporters on the platform have started to show their support with the hashtag We Back Jack.