Vulture fund billionaire Paul Singer seeks Twitter takeover
A battle of the billionaires may be starting at Twitter.
Hedge funder Paul Singer has taken in a stake in the social media company—and now wants to replace Jack Dorsey as Twitter CEO and grab four board seats.
Dorsey is an unconventional CEO, splitting his time running both $26 billion (market cap) Twitter and $36 billion Square, the digital payments company. This arrangement is part of the reason that Singer’s Cayman Islands-based firm Elliott Management (NML) is pushing for change.
Singer’s been a busy guy lately. Over the past year, he’s built up a $25 billion stake in SoftBank after its WeWork investment decimated its shares and one in AT&T.
Singer, 75, who founded NML in 1977, is one of Wall Street’s most revered —and feared— investors.
In the past, his adversaries have been entire countries, most famously a years-long campaign to get Argentina to pay up on bonds NML bought from resellers on pennies on the dollar. Singer and the other holdouts largely won that fight - netting NML an estimated 1,180% payout in 2016.
At: https://www.forbes.com/sites/abrambrown/2020/02/29/twitters-jack-dorsey-has-a-new-nemesis-hedge-fund-billionaire-paul-singer/
Cayman Island vulture fund boss and GOP mega-donor Paul Singer.
The $2.4 billion his NML hedge fund netted from Argentina in 2016 (on a $200 million black market bond purchase) may go toward buying a controlling stake in Twitter, if he gets his way.
Twitter CEO Jack Dorsey is seeking to stop the vulture fund billionaire.
