Twitter's chief officer Jack Dorsey says he is canceling plans to relocate to Africa as he faces an activist shareholder bid to oust him. He brought his announcement on his Africa plans last year was "a mistake" as he fails to give an explanation for his motives for the move.
The coronavirus outbreak, as well as other reasons, meant Dorsey would "reevaluate" a previously-announced secondment of up to six months.
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The wrong move in Dorsey's words
Speaking at a tech convention in San Francisco on Thursday, Mr. Dorsey stated he had made a mistake and failed to provide an explanation for the relocation. "When I tweeted about my intention to spend some months in Africa this year, I made a mistake and should have furnished extra explanation why," he said.
Dorsey added he had been running on his plans where he'd work "decentralized," just like how he and his team do when we travel. He said he needed to reevaluate amid Covid-19 and everything else going on.
In November, Mr. Dorsey said he would move to Africa in 3 and 6 months in 2020. Twitter CEO said Africa will outline the future, particularly in the bitcoin industry. "Not sure where yet, but I'll be living right here for 3-6 months mid-2020. Grateful I was in a position to experience a small part," he tweeted after a visit to numerous sub-Saharan countries.
Sad to be leaving the continent…for now. Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020. Grateful I was able to experience a small part. pic.twitter.com/9VqgbhCXWd — jack (@jack) November 27, 2019
Dorsey claimed that Africa will be "one of the most populated continents in the next 20 to 30 years, with a big part of the population still online."
The wrong move in opposition's term
His "regret" comes after Elliott Management, the activist investor group, proposed nominating four leaders to Twitter's board in an attempt to oust Mr. Dorsey. Mr. Dorsey also runs payments enterprise Square, and his dual commitments are believed to be a significant motive for Elliott's opposition.
Despite giving those reasons, many consider that Dorsey's real motive is subject over his management at Twitter. He additionally faulted Dorsey's leadership of two companies. Dorsey's dual function as CEO of Twitter and Square --- along with the planned move to Africa --- is hurting his ability to manage the company.
Twitter CEO Jack Dorsey spoke at a Morgan Stanley conference. He delivered comments that responded circuitously to the efforts of activist investor Elliott Management to strain Twitter into a chain of reforms, include the substitute of Dorsey with a brand new CEO.
The source stated Elliott was open to Dorsey to grow to be CEO of his function Square (SQ).
Investors told Reuters that Elliott, founded by billionaire Paul Singer, has targeted organizations ranging from eBay Inc to SoftBank Group Corp, is vocalizing what others are thinking. Even with his preference for faraway work, attempting to retain his control of Twitter will want him to be at the ground.