Elliott takes sizable Twitter stake, seeks to remove Dorsey, Bloomberg reports

Paul Singer's Elliott Management has taken a sizable stake in Twitter and plans to push for changes, including replacing Chief Executive Officer Jack Dorsey, Scott Deveau and Ed Hammond reported Friday night, citing people familiar with the matter. Elliott has nominated four directors to Twitter's board and has had "constructive discussions" with company, sources told Bloomberg. Elliott is pushing for Dorsey's removal in part because his attention is split between running both Twitter and Square (SQ), as well as Dorsey's desire to move to Africa, a source told CNBC, who followed Bloomberg in reporting the story. Shares of Twitter jumped 8% in after-hours trading Friday, or $2.55, to $35.75 following the reports. Reference Link