The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Elon Musk and Changpeng Zhao Back Twitter CEO and Bitcoin (BTC) Proponent Jack Dorsey Amidst Talk of His Ouster

by Daily Hodl Staff
March 3, 2020
in Bitcoin

Paul Singer, a billionaire hedge fund manager who once described cryptocurrency as one of the most brilliant scams in history, is reportedly eyeing to make major changes at Twitter, including replacing the social media company’s chief executive officer, Jack Dorsey, an ardent supporter of Bitcoin.

Fellow tech titan and dual CEO Elon Musk, who runs Tesla and SpaceX, as well as Bitcoin entrepreneur Changpeng “CZ” Zhao, CEO of leading cryptocurrency exchange Binance, say they support Dorsey.

Twitter employees who have characterized their boss as thoughtful, caring and empathetic have launched the hashtag #webackjack to show their support.

Won’t say much here I don’t really want to get upset. I’ll say @jack is a huge part of why I believe in this company and its culture. I’ve worked for a lot of CEOs in the last 13 years none of them have the empathy or the self awareness that Jack has and that’s on God #webackjack https://t.co/GZenWgfZjU pic.twitter.com/t9uzhwfHtL

— stewart cornelius ?? (@StewYorkCity) March 3, 2020

Citing people familiar with the matter, Bloomberg reports that after acquiring a sizable stake at Twitter, Singer’s $34 billion hedge fund Elliott Management nominated four directors to Twitter’s board in a bid to fill all three seats that will be available at this year’s annual meeting. 

Unlike other CEOs, Dorsey does not have voting control of Twitter because it only has one class of stock.

That leaves the door open for Elliott Management to make significant changes at the company, as it has done at other large companies, including AT&T, eBay, Marathon Petroleum and Pernod Ricard.

Dorsey, who runs two large public companies at the same time – Twitter and the mobile payment service firm Square – has faced mounting criticisms that have made him a target for replacement. In October of last year, Twitter’s shares dropped by more than 20% due to a big revenue miss in the third quarter that the company blamed on bugs in its ad-targeting software. 

Dorsey was also criticized last November after he planned a long stay in Africa following a month-long visit where he met with fintech, blockchain and crypto entrepreneurs.

“Sad to be leaving the continent…for now. Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020. Grateful I was able to experience a small part.”

Despite the focus of Dorsey’s work abroad and his ability to lead the companies remotely, Dan Ives, managing director and equity research analyst at Wedbush Securities, echoed concerns.

“The Africa tweet raises eyebrows for investors as Dorsey is the CEO and visionary for Twitter at a time the company needs him at the helm. Dorsey has proven he can handle being CEO of two public companies which is a feat in itself, but investors are focused on Twitter further monetizing its advertising platform at a pivotal juncture which will make Dorsey’s African trip a scrutinized one by the Street if there is any speed bump.”

Other critics were far more pointed. According to Yale School of Management’s Jeffrey Sonnenfeld,

“Proximity matters for leading a company. Jack would be reckless and ego-maniacal, as well as the board irresponsible and negligent, violating their duty of care under Delaware law, to let the CEO just go AWOL.”

Michael Levine, a consumer analyst at Pivotal Research Group, says Twitter needs a more dedicated chief operating officer should Dorsey depart. 

“To the extent efforts to oust Dorsey are successful, having a strong one-two CEO/COO combination could only help to improve a company which we think likely stands to benefit the most from more operational improvements.”

Dorsey’s supporters are pushing back.

Just want to say that I support @jack as Twitter CEO. He has good taste #bitcoin https://t.co/8jnTOd0ssR

— CZ Binance ??? (@cz_binance) March 3, 2020

Twitter, Inc. (TWTR) shares rebounded by more than 8% on Monday following reports that Elliott Management bought a $1 billion stake in the company. 

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • DPAT Raises Private Funding To Enhance Web 3.0 Ecosystem
    June 2, 2023
  • Pink Moon Studios Reveals ‘KMON: World of Kogaea’ Pioneering a New Era in Web 3.0 Open-World Gaming
    June 2, 2023
  • OKX Proposes Industry-First BRC-30 Token Standard To Enable Bitcoin and BRC-20 Token Staking
    June 2, 2023
  • Devour and AlterVerse Partner To Bring the World’s First Web 3.0 Food Ordering Marketplace to the Metaverse
    June 1, 2023
  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
  • The QWAN Launch – A Token for the Global Gaming Industry
    May 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,060.25
$27,060.25
0.47%
Ethereum
$1,893.09
$1,893.09
0.58%
Cardano
$0.379813
$0.379813
0.57%
XRP
$0.523089
$0.523089
0.63%
Dogecoin
$0.072512
$0.072512
0.17%

Spotlight

  • Bitcoin Could Erupt 150% This Year and Shatter All-Time High, According to Analyst – Here’s Why
    May 27, 2023
  • Under-the-Radar Altcoin Escapes Crypto Doldrums and Surges by 44% This Week Amid Successful AI Testing
    May 27, 2023
  • One Catalyst Could Trigger Altcoins To Plunge by Up to 50%, Predicts Popular Crypto Analyst
    May 27, 2023
  • Ongoing Crypto Market Downturn Forces 2,710,000 Bitcoin (BTC) Into Loss Territory: Glassnode
    May 27, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl