This time we will present a story that indirectly affects Bitcoin, highlighting that it does not come from the crypto market. We move into the world of business actions and decisions, with Twitter being the prize of the combat. We say this because there is currently a dispute between Jack dorsey, founder of the social network, and the new challenger, Elliott Management.
Situation with Twitter
Today’s news takes up an event that happened last week, with the purchase of Elliot Management for $ 1 billion in Twitter shares, allowing to compete against 2% of Jack Dorsey shares.
It should be clarified that Elliot Management is a New York investment fund, led by the investor Paul Singer. The institution is famous among investors of technology companies, including digital platforms. Its reputation is considered as mixed, since when they acquire sufficient shares to affect the company’s decisions, they tend to replace the entire board of directors.
Precisely this last point is what they seek to apply on Twitter, given that the fund proposal for the new management of the platform was made public. Stressing that Jack Dorsey would be out of the company.
However, it should be noted that the outcome of the match has not yet been defined, recalling the 2% of actions that Dorsey possesses. From the beginning of Twitter, Jack wanted the platform to be as democratic as possible, with the support of the community. For this reason, he divided all the actions so that they were equitable.
Therefore, Dorsey was left alone with 2% of the shares, allowing investors to be treated as equals, but making him vulnerable. This implies that the winner of the match will be decided according to his ability to convince other Twitter investors.
Returning to today’s news, we expose users’ reaction to the possibility of losing Jack Dorsey. Starting with the general community of the social network, without categorizing by any group.
People started a campaign of protest and defense of the beloved Twitter creator, using the hashtag #WeBackJack To spread your message. It is noted that the main actors in this campaign are the Twitter workers themselves, defending their boss.
Crypto community reaction
Finally, we find the position of the crypto community, looking worried about losing a valuable ally. We make this reference because Dorsey publicly defends Bitcoin, even designed the “B” as emoji of the social network.
In addition, the concern increases when considering the comments of Paul Singer, who publicly said that Bitcoin is “One of the brightest scams in history”. Fearing that his influence affects what Dorsey struggled to achieve.