Elliott built a stake in Twitter, is pushing for changes: source

FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. REUTERS/Mike Blake/File Photo

NEW YORK (Reuters) – Activist hedge fund Elliott Management has built a stake in Twitter inc (TWTR.N) and is pushing for changes, a person familiar with the matter said on Friday.

Founded by billionaire Paul Singer, New York-based Elliott is one of the world’s biggest activist investors and pushes for changes at prominent corporations to improve operations and ultimately the share price.

In after-hours trading, the share price of the microblogging and social network service jumped 7.7% to $33.20.

CNBC reported that Elliott is seeking to push out Twitter CEO Jack Dorsey, who is also the CEO of Square (SQ.N). Dorsey is the only person who is the CEO of two publicly traded companies.

Calls to Elliott and Twitter for comment were not immediately returned.

Reporting by Svea Herbst-Bayliss; Editing by Sandra Maler

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