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An Activist Hedge Fund Wants Jack Dorsey Out as Twitter CEO. Could That Change the Site?

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  • Last week, it was reported that conservative activist investor Elliott Management had purchased over $1 billion in Twitter shares, or about 4% of the company.
  • Now, Elliott Management wants to replace Twitter’s co-founder, Jack Dorsey, as CEO. 
  • This is largely viewed as an attempt to boost Twitter’s stock, which has been underperforming since Dorsey reclaimed his CEO position in 2015.
  • According to Fox News, a Dorsey ousting by Elliott Management could “raise the prospect that some of the changes to Twitter could make the platform a friendlier place for pro-Trump users.”

Hedge Fund Plans to Push Dorsey Out of Twitter

Twitter employees took to the platform Monday night in support of CEO Jack Dorsey after it was reported that an activist investment fund was trying to unseat him.

Last week, the fund known as Elliott Management announced it had bought roughly $1 billion in Twitter stock. According to Business Insider, that’s nearly 5% of the company and also enough to allow it to pressure Dorsey out of his CEO role. 

Elliot Management wants to oust Dorsey for a number of reasons, but perhaps the most significant reason is that Twitter is underperforming. Dorsey previously served as CEO of Twitter until being fired in 2008. He then returned in 2015. Since then, Twitter’s shares have fallen by 6.2%. Facebook, by contrast, has gained more than 121% in that same timeframe.

In November, Dorsey also announced that he’s preparing to move to Africa for 3-6 months this year.

That’s on top of Dorsey already splitting his time between Twitter and Square, Inc., where Dorsey is also CEO.

Elliott Management’s main argument here will be that a full-time CEO would be able to devote more time to the company to help raise its stock value and grow the company. 

This, however, isn’t the first time someone has announced a plan to oust Dorsey. In fact, such a move seemed bound to happen because unlike Facebook CEO Mark Zuckerberg and Snap Inc. CEO Evan Spiegel, Dorsey does not have voting control of Twitter. 

In December, New York University marketing professor Scott Galloway penned a letter calling for Dorsey’s removal.

“As of 12/6 I am the direct and beneficial owner of approximately 334,000 shares in Twitter,” Galloway said. “To be clear, my primary objective is the replacement of CEO Jack Dorsey.”

Weak governance, a part-time CEO, relocation to Africa, damage to the commonwealth, and poor returns,” he added. “Stakeholders deserve a board and CEO that command the opportunity Twitter occupies.”

Could A Dorsey Oust Make Twitter More “Trump Friendly?”

The reasons why Elliott Management is trying to push Dorsey may not stop there. 

The hedge fund is owned by Paul Singer, a conservative billionaire mega-donor. In 2016, Singer donated $24 million to Republican and right-leaning groups. 

It is possible, as Fox News points out, that Elliot Management’s increased presence within Twitter could, at least in part, ease conservative’s concerns that Twitter has a left-leaning bias. 

Elliott Management’s stake “[raises] the prospect that some of the changes to Twitter could make the platform a friendlier place for pro-Trump users. ”

Last year, California GOP Representative Devin Nunes filed a $250 million lawsuit against Twitter and several users. In that lawsuit, he accused the platform of “shadow-banning conservatives” and hiding their posts. 

#WeBackJack Trends on Twitter

Following all of this, many Twitter employees supporting Dorsey in his role as CEO posted stories of their interactions with Dorsey using the hashtag #WeBackJack. Later Monday night, that tag began to trend. 

“I’ve worked [for] many major corporations,” one user said. “Never did the CEO take 3 minutes to talk with me 1:1. Jack did (more than 3 mins might I add) & he didn’t treat me like someone below him. Ppl speak highly of him in rooms he’s not in. He’s not pretentious or egocentric. So yea #WeBackJack”

Telsa CEO Elon Musk also offered his support for Dorsey on Twitter Monday night, saying Dorsey “has a good [heart].”

Elliott Management Nominates Four Directors

While Elliott Management has not yet ousted Dorsey, it has nominated four people to Twitter’s board of directors.

Notably, there’s only going to be three seats available at this year’s annual meeting, but Elliott Management reportedly wants to ensure that it nominates enough people to fill all three seats and any vacancies that may unexpectedly arise. 

Elliot Management’s move to remove Dorsey comes in the face of several major events including the worsening situation with the coronavirus, U.S. presidential elections, and the upcoming Olympic Games in Tokyo. 

Those events will likely attract more users to the site and could, in turn, drive more advertisers, thus increasing the company’s stock value.

Twitter, however, has fallen behind other social media platforms despite its widespread use. Reportedly, it has decided to focus on its core services even though other platforms have added features such as filters and stories.

It is unknown if a Dorsey ousting could change that policy as Twitter’s board of directors tries to increase its stock value.

See what others are saying: (Bloomberg) (Business Insider) (Fox News)

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JoJo Siwa Fans Caution Against Labeling the Star’s Sexuality

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  • JoJo Siwa was featured in two TikTok videos Wednesday that many felt signaled her as a member of the LGBTQ+ community.
  • One showed her dancing and lip-syncing to Paramore’s “Aint It Fun,” along with members of the TikTok group Pride House LA. Siwa specifically mouthed the lyric “Now you’re one of us,” which is also the caption of the post. 
  • The second video showed her lip-syncing to Lady Gaga’s “Born This Way,” a song that has long been heralded as an LGBTQ+ anthem.  
  • The 17-year-old entertainer has not directly addressed speculations about her sexuality, prompting many to caution against labeling her.

JoJo Siwa TikToks Trigger Sexuality Speculations

JoJo Siwa fans are urging the public not to label the 17-year-old entertainer’s sexuality, especially when she has not explicitly done so herself.

The request came after Siwa became a trending topic Wednesday when many speculated that she had come out as a member of the LGBTQ+ community.

The speculations stem from two TikTok videos she was featured in. The first was posted on choreographer Kent Boyd’s account. It features him and other members of the TikTok group Pride House LA, which includes several stars from Disney Channel’s “Teen Beach Movie.”

It showed them all lip-syncing and dancing along to Paramore’s hit song “Ain’t It Fun.” Siaw specifically mouthed the lyric “Now you’re one of us.” That lyric was also the caption of the post.

@kentboyd_

Now your one of us!! @itsjojosiwa @molleegray @garrettclayton91 @jekajane #pridehousela

♬ now ur one of us – Mia Mugavero

Later in the day, Siwa posted a video on her personal TikTok account that featured her lip-syncing to Lady Gaga’s “Born This Way,” a song that has long been heralded as an LGBTQ+ anthem. 

Part of the lyrics she sang along to were: “No matter gay, straight or bi, lesbian transgender life / I’m on the right track baby, I was born to survive.” 

Reactions

These posts really started all the rumors online, and things picked up when influencers like James Charles, Bretman Rock, and others expressed their support.

Many fans also left comments on the videos saying they were proud of her, and journalist Yashar Ali tweeted, “This feels like a big deal if it is what I think it is…JoJo Siwa is hugely popular with kids.”

“And as someone just pointed out, if it is what I think it is, she’s doing it at the height of her fame when she’s selling out arenas,” he continued.

Despite the wave of praise, other fans feel that it’s inappropriate and harmful to make speculations about anyone’s sexuality.

Many have even shared their own experiences coming out, reminding people not to label Siwa as anything until she explicitly chooses to share that information herself. 

While Siwa hasn’t directly addressed any of the responses as of yet, she has retweeted a post that features her video, the pride flag emoji, and the caption, “@itsjojosiwa is on the right track, she was born this way.”

Still, others also noted that she has publicly asked Lady Gaga to collaborate with her in the past, so perhaps this is a signal about that happening soon.

Others believe it could also be Siwa’s way of signaling that she is an ally of the LGBTQ+ community.

See what others are saying: (Insider) (Metro) (Teen Vogue)

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Google Investigates Top AI Researcher Who Was Looking Into a Previous Firing

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  • Google is investigating the co-leader of its Ethical AI team, Margaret Mitchell.
  • While Mitchell has not been fired, her account has been locked because Google said she “exfiltrated thousands of files” and shared them with people outside of the company. 
  • In a tweet, Mitchell indicated that she had been “documenting current critical issues” related to the firing of another Google AI Ethicist in December.
  • Sources reportedly told Axios that Mitchell had been specifically looking for messages that showed discriminatory treatment of that fired researcher.

Google Investigates Margaret Mitchell

On Tuesday, Google stated that it is now investigating the co-leader of its Ethical Al team, Margaret Mitchell.

Mitchell has reportedly not been fired, but her company email account has been locked.

According to Google, its security systems automatically lock employee accounts “when they detect that the account is at risk of compromise due to credential problems or when an automated rule involving the handling of sensitive data has been triggered.”

In this case, Google said Mitchell “exfiltrated thousands of files” and then shared them with people outside of the company. 

Why Did Mitchell Begin Looking Through Files?

Mitchell’s investigation is related to the ousting of another top AI ethicist at Google, Timnit Gebru, who was fired at the beginning of December. 

Before Gebru was fired, managers reportedly instructed her to withdraw an unpublished research paper upon her return from vacation. In an email to the internal listserv Google Brain Women and Allies, Gebru then voiced frustration at managers for allegedly making the decision without her input. 

“You are not worth having any conversations about this, since you are not someone whose humanity (let alone expertise recognized by journalists, governments, scientists, civic organizations such as the electronic frontiers foundation etc) is acknowledged or valued in this company,” Gebru said in a critique of the decision. 

Gebru’s firing led to such a massive outcry from Google employees that Google CEO Sundar Pichai pledged to investigate the situation. 

On Friday, Mitchell indicated in a tweet that she was also looking into Gebru’s firing, saying that she was “documenting current critical issues from [Gebru’s] firing, point by point, inside and outside work.”

According to Axios, sources have said that Mitchell used automated scripts to siphon through messages that potentially document discriminatory treatment against Gebru.

See what others are saying: (Axios) (The Verge) (Bloomberg)

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Twitter CEO Jack Dorsey Says Trump Ban Was the “Right Decision” But Sets “Dangerous” Precedent

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  • While defending Twitter’s decision to permanently ban President Donald Trump, CEO Jack Dorsey noted the “dangerous” precedent such a move set.
  • “Having to take these actions fragment the public conversation,” Dorsey said in a lengthy Twitter thread on Wednesday. “They divide us. They limit the potential for clarification, redemption, and learning.”
  • Dorsey’s message came the same day Twitter fully reinstated Rep. Lauren Boebert’s (R-Co.) account, hours after locking it for violating Twitter rules. A Twitter spokesperson later described the lock as an “incorrect enforcement action.”

Dorsey Describes Trump Ban as a Double-Edged Sword

In a lengthy Twitter thread published Wednesday, CEO Jack Dorsey defended his platform’s decision to permanently ban President Donald Trump, while also noting the “dangerous” precedent such a unilateral move sets.

Twitter made the decision to ban Trump on Jan. 8, two days after pro-Trump insurrectionists stormed the U.S. Capitol complex in an assault that left multiple dead.

“I do not celebrate or feel pride in our having to ban [Trump] from Twitter, or how we got here,” Dorsey said in the first of 13 tweets. 

Nonetheless, Dorsey described Trump’s ban as “the right decision for Twitter.”

“Offline harm as a result of online speech is demonstrably real, and what drives our policy and enforcement above all,” he added.

“That said, having to ban an account has real and significant ramifications,” Dorsey continued.

“[It] sets a precedent I feel is dangerous: the power an individual or corporation has over a part of the global public conversation.”

Dorsey described most bans as a failure of Twitter to “promote healthy conversation,” though he noted that exceptions to such a mindset also exist. Among other failures, Dorsey said extreme actions like a ban can “fragment public conversation,” divide people, and limit “clarification, redemption, and learning.”

Dorsey: Trump Bans Were Not Coordinated

Dorsey continued his thread by addressing claims and criticism that Trump’s ban on Twitter violated free speech.

“A company making a business decision to moderate itself is different from a government removing access, yet can feel much the same,” he said.

Indeed, multiple legal experts have stated that Trump’s ban on social media does not amount to First Amendment violations, as the First Amendment only addresses government censorship. 

“If folks do not agree with our rules and enforcement, they can simply go to another internet service,” Dorsey added. However, Dorsey noted that such a concept has been challenged over the past week. 

Trump has now been banned or suspended from a number of platforms, including Facebook, Instagram, and YouTube. On Wednesday, Snapchat announced plans to terminate Trump’s account in the “interest of public safety.” Previously, Snapchat had only suspended his account, but as of Jan. 20, it will be permanently banned. 

Addressing criticism of the swift bans handed down by these platforms in the wake of the Capitol attack, Dorsey said he doesn’t believe Trump’s bans on social media were coordinated.

“More likely: companies came to their own conclusions or were emboldened by the actions of others,” he said.

Twitter Reverses Course of Locking Rep. Lauren Boebert’s Account

Dorsey’s thread regarding the fragile nature of regulating users’ privileges on the platform seemed to play out earlier the same day.

On Wednesday, newly-elected Rep. Lauren Boebert (R-Co.) posted a screenshot to Instagram showing that her Twitter account had been locked for six days. The screenshot stated that she had violated Twitter’s rules and would be unable to tweet, retweet, or like until her account was unlocked. 

Hours later, Twitter reversed course and fully reinstated her account. 

“In this instance, our teams took the incorrect enforcement action. The Tweet in question is now labeled in accordance with our Civic Integrity Policy. The Tweet will not be required to be removed and the account will not be temporarily locked,” a spokesperson for the platform told Insider.

It is unknown what tweet caused that initial ban, as Twitter refused to say. 

The latest tweet from Boebert’s account to be tagged with a fact check warning is from Sunday. In that tweet, she baselessly and falsely accuses the DNC of rigging the 2020 Election, a claim that largely inspired the Capitol attacks. 

See what others are saying: (Business Insider) (CNN) (Associated Press)

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