Activist Investor Targets Twitter
Activist investor Elliott Management has reportedly taken a sizable stake in Twitter (NYSE: TWTR) and is planning to agitate for change, according to a report first broken by Bloomberg. The hedge fund is said to have accumulated stock worth $1 billion, or about a 4% position in the beleaguered social media site.
Twitter has been the target of activist investors for some time, the result of stagnant growth. Since high-profile CEO Jack Dorsey rejoined the company in July 2015, the company's stock is essentially flat, lagging far behind the S&P 500, which gained 49%. To put that into perspective, rival social media giant Facebook (NASDAQ: FB) has gained nearly 125% over the same period.
The activist hedge fund has big plans on how to shake up the social media company.
Source Fool.com
