Twitter lined up Mastercard executive Mimi Alemayehou to replace Elliott Management partner Jesse Cohn, who departed the social media giant’s board after the hedge fund helped to shake up the business.
In a US Securities and Exchange Commission filing, Twitter revealed Elliott Management remained one of its largest shareholders would continue to engage with members of its senior management team following Cohn’s resignation.
Elliott Management has a history [1] of buying large stakes in technology companies and demanding strategy revamps to drive up share price. It first revealed it invested $1 billion for a 4 per cent stake in Twitter in 2020.
It pressed for changes at the top, even seeking the removal of Jack Dorsey as CEO before backing down as part of a compromise allowing Cohn to take the board seat.
Elliott Management’s influence on Twitter has been telling: the company’s share price has doubled since 2020 and it introduced a range of new services to attract users and advertisers, including the introduction of its first subscription-based product [2] Twitter Blue.
Last month, Elliott Management reportedly increased its Twitter stake by more than $200 million, [3] betting on the platorm’s potential to reach a goal to double annual revenue by 2023.
Its progress was slowed in recent months by the impact of Covid-19 (coronavirus) on advertising revenue.
Alemayehou currently services as SVP of public private partnerships at Mastercard.
[1] https://www.mobileworldlive.com/blog/blog-is-elliott-the-most-feared-investor-in-tech
[2] https://www.mobileworldlive.com/featured-content/apps-home-banner/twitter-launches-blue
[3] https://www.mobileworldlive.com/featured-content/top-three/elliott-bets-on-twitter-with-200m-boost
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