Billionaire Republican megadonor Paul Singer has reportedly bought a “sizable” stake in Twitter and “plans to push” to remove CEO Jack Dorsey, according to reports.
Fox News reports that the billionaire Republican megadonor Paul Singer has reportedly purchased a “sizable” stake in social media website Twitter and reportedly “plans to push” CEO Jack Dorsey out of the company. Paul Singer’s Elliott Management Corp. has reportedly already nominated four directors to Twitter’s board.
According to Bloomberg News, unlike other tech CEOs, Twitter CEO Jack Dorsey does not have voting control over Twitter because the company has just one class of stock. Dorsey has reportedly been a target for removal from the firm for some time due to poor profits and struggling growth numbers.
In December 2019, Tucker Carlson criticized Singer for his various business strategies, Breitbart News reported on Carlson’s comments at the time writing:
“[T]he model is ruthless economic efficiency: Buy a distressed company, outsource the jobs, liquidate the valuable assets, fire middle management, and once the smoke has cleared, dump what remains to the highest bidder, often in Asia,” Carlson explained. “It has happened around the country. It has made a small number of people phenomenally rich. One of them is a New York-based hedge fund manager called Paul Singer, who, according to Forbes, has amassed a personal fortune of more than $3 billion.”
Carlson offered automotive parts supplier Delphi as an example.
“During the last financial crisis, a consortium of hedge funds, including Singer’s Elliott Management, purchased Delphi,” he said. “With Singer and the other funds at the helm, the company took billions of dollars in government bailouts. Obama’s auto-czar compared the tactics to extortion. Once they had the bailout money, the funds moved most of Delphi’s jobs overseas, and then either cut retiree pensions entirely or shifted the costs to taxpayers.”
“With lighter financial commitments at home and cheap factories abroad, Delphi’s stock soared,” he continued. “According to investigative reporter Greg Palast, of the 29 Delphi plants in operation when the hedge funds started buying Delphi debt, only four were still operating in the United States by 2012. Tens of thousands of unionized and white-collar workers lost their jobs. Paul Singer’s hedge fund cashed out for more than a billion dollars.”
Singer has also been a vocal critic of President Trump in the past, in 2017 it was reported that Singer was leaked to Fusion GPS’s opposition research of President Trump during his campaign. Breitbart News reported:
Late Friday, Singer’s Washington Free Beacon came clean as the original funding source for Fusion GPS’s research against now-President Donald Trump. Fusion GPS research was later funded by Democrat Hillary Rodham Clinton’s campaign, and created the now-infamous fake news dossier against Trump, but the efforts originally lay with Singer.
Multiple outlets reported Friday night that lawyers for the Free Beacon had just informed the House Intelligence Committee that their outfit was the first to engage Fusion GPS to conduct opposition research against then-candidate Trump. The neoconservative media outlet emphasized in a statement that this engagement involved all of the GOP candidates for president – not merely Trump – and never involved Russia or dubious former intelligence asset Christopher Steele, before the project was dropped and taken over by Hillary for American and the Democratic National Committee in the Spring of 2016 through potentially illegal payments made through law firm Perkins Coie.
When news of the DNC and Hillary Clinton campaign’s involvement in the dossier, a primary source of the “Russia Story” dogging the first ten months of Trump administration, first broke, the Washington Post reported “one Republican” had been involved. That Republican is now clearly Singer, the Free Beacon’s main funder.
Singer’s involvement in the dossier, and opposition research on Trump more generally, comports with a years-long pattern of advocacy for mass immigration, massive funding of establishment GOP candidates, and antagonism towards the populist-nationalist movement.
In 2017, President Trump commented on Singer stating: “As you know, Paul was very much involved with the anti-Trump or as they say ‘Never Trump,” and Paul just left [the White House] and he’s given us his total support and it’s all about unification. So, I want to thank Paul Singer for being here and coming up to the office. He was a very strong opponent and now he’s a very strong ally and I appreciate that.”