Twitter CEO re-evaluates plans to move to Africa; says tweet about his move was a “Mistake”
The Chief Executive Officer (CEO) of Twitter, Jack Dorsey has cancelled his plan to relocate to Africa for up to six months in 2020. Jack described his tweets about moving to Africa as “a mistake”.
In November 2019, after visiting Africa on a month-long trip, Dorsey tweeted: “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.”
However, Dorsey has now said that he needs to re-evaluate his plans about living in Africa due to the Coronavirus outbreak amongst other things
He said this while speaking at an investor conference sponsored by Morgan Stanley.
“When I tweeted about my intention to spend a few months in Africa this year, I made a mistake and should have provided more context about why. The continent will be one of the most populated in the next 20-30 years, and room for tech innovation there is incredible, but in light of COVID-19 and everything else going on I need to reevaluate. Either way, we’ll continue to pursue opportunities in Africa.” Dorsey said.
Coronavirus aside, Dorsey risks being replaced as Chief Executive Officer of the company he co-founded due to the new activist investors that are currently rooting for his removal.
News reports last week said Elliott Management, the activist hedge fund founded by billionaire Paul Singer, a major Republican political supporter, has acquired nearly 5% in Twitter and is now pushing for the removal of Dorsey as CEO, and has nominated four members to Twitter’s board.
The firm pushed for the change stating that Dorsey’s attention is divided between running Twitter and his financial transactions startup Square and that Dorsey intends to live part of each year in Africa.
Dorsey said he remained capable of managing the two San Francisco-based tech firms.
“I have enough flexibility in my schedule to focus on the most important things and I have a good sense of what is critical on both companies,” he said.