A new Twitter investor, Elliott Management Corp., wants to replace Jack Dorsey as CEO of the platform.
Elliott Management Corp., owned by billionaire Paul Singer, introduces himself as a new Twitter activist investor. And it came with the objective of changing what it considers have been the obstacles that prevent the growth of the social network. Starting with its current CEO, Jack Dorsey.
For his part, Jack Dorsey is known not only for leading one of the world’s most famous social networks, but for his enthusiasm for Bitcoin and the crypto ecosystem. In fact, recently it even included the BTC symbol as another of the emojis that can be used on Twitter.
However, despite being a promoter of technological developments and innovation, it seems that it has not been able to implement this on its own platform. Since taking control of Twitter in 2015, the social network has suffered major setbacks. One of the most relevant is that its value fell by 6.2% in the last five years.
Not satisfied with that, during this season with Dorsey in the lead, there have also been a lot of failures on the platform. And not only are failures that affect the user experience, but some security flaws can also be mentioned.
Dorsey vs. Scammers
There was a season when these failures were noted even more, especially with regard to fake accounts. Many users fell into the trap of scammers who pretended to be famous or trusted people through Twitter. The criminals managed to trick some users into sending them money, ensuring that it was for some beneficial cause or that with that contribution they would be participating for a much larger prize.
The situation worsened when criminals managed to access verified accounts. This increased the number of people who fell into their traps and lost money.
This type of scammers became especially popular in the crypto industry. So the entire ecosystem hastened to demand Dorsey concrete answers to solve this security problem. However, although the CEO said he would take care of the matter, there are still a lot of such criminals on Twitter.
If Dorsey leaves, what will happen to Bitcoin?
Despite these facts, Jack Dorsey’s administration has not been entirely negative for the crypto ecosystem. Not only has he been a great Bitcoin advocate, but he is even the head of the payment firm Square, which plans to offer some facilities for cryptocurrency enthusiasts.
In addition to this, the CEO also established a dedicated unit within Square to help advance Bitcoin technology. Not to mention the Square Cash application, which offers BTC services.
This leads to the question: if Elliott Management Corp. manages to change the CEO of Twitter, will he also have a position as enthusiastic as Dorsey against Bitcoin? And, if not, how would that affect the crypto community?
There is nothing definitive yet, so it remains only to wait for the outcome of this situation. Similarly, if you want to be the first to find out how the facts ended and what are the consequences of this for the crypto community, we invite you to be aware of the contents of Crypto Trend.
I am a student of International Studies, interested in new technologies and their impact on the world. Faithful believer that tenacity is the basis of success.