Twitter Jumps as Elliot Management Reportedly Looking to Replace CEO Jack Dorsey

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By Yasin Ebrahim – Twitter surged on Monday on reports that Elliott Management founder Paul Singer was considering lobbying to replace Twitter chief Jack Dorsey, who is also CEO of Square (NYSE:).

Twitter (NYSE:) popped nearly 8% higher, taking its gains for the year so far to 11.54%.

A potential shakeup at the top is one of numerous planned changes at the company, Bloomberg reported, citing people familiar with the matter.

Elliot, which has amassed a stake in Twitter, had raised its concerns privately with the company and is pushing to fill the three board seats that are up for grabs at this year’s annual general meeting.

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