Twitter needs better answers if it hopes to fend off the world’s most notorious activist investor
On Tuesday I laid out Elliott Management’s case against Jack Dorsey — or at least, what we know about it so far. The activist investor has acquired a roughly 4 percent stake in Twitter, and has reportedly expressed concerns with Twitter’s underperforming stock, its part-time CEO, and Dorsey’s stated plans to decamp to Africa for an unspecified period of time this year.
On Thursday, in a roundabout way, Dorsey responded. He attended a scheduled appearance at a Morgan Stanley banking conference, and while the interviewer didn’t muster a single question about his potential ouster, Dorsey (obliquely) answered it nevertheless. Twitter’s investor relations account tweeted some of the highlights. My favorite was this:
When I tweeted about my intention to spend a few months in Africa this year, I made a mistake and should have provided more context about why.
— Twitter Investor Relations (@TwitterIR) March 5, 2020
Never let it be said that Dorsey lacks the capacity for understatement.
In any case, the CEO no longer plans to spend part of the year in Africa, as Kurt Wagner reported at Bloomberg:
“I had been working on my plans where I’d work decentralized, as my team and I do when we travel, but in light of Covid-19 and everything else going on I need to re-evaluate,” he said. “Either way we’ll continue to pursue opportunities in Africa.”