Twitter is in a spot of bother; its CEO Jack Dorsey is under attack from billionaire Paul Singer’s hedge fund, which is calling for his resignation and replacement.
The reasons are many, but chief among why Dorsey needs to go appears to be Twitter’s dwindling user base (which is still in the hundreds of millions) and inability to monetize the social media platform properly.
This comes off the back of Dorsey’s other company – Square – is valued at more than five times that of Twitter.
Earlier today, the Twitter CEO won a powerful ally in Silicon Valley – Elon Musk.
The Tesla and Space X CEO tweeted his support, saying “Just want to say that I support @jack as Twitter CEO”. He added the heart emoji.
Earlier this year, Musk appeared at a Twitter employee event – speaking about how Twitter could become more relevant again. He suggested the platform take action against trolls and bots on the platform.
Twitter employees have also been voicing support for Dorsey, using the hashtag #webackjack.
One Twitter employee said, “I can’t stand people that make it difficult for good people to do good. With everything going on in the world we deserve more good people.”
Singer’s Hedge fund Elliott Management is due to make its arguments to Twitter’s shareholders later this month.
