Billionaire entrepreneur Elon Musk on Monday tweeted in support of Twitter Inc. TWTR chief executive officer Jack Dorsey continuing in his role.
What Happened
The Wall Street Journal on Friday reported that activist investor Elliott Management Corporation has acquired a $1 billion stake in the social media company and is seeking to replace Dorsey at the helm.
As Twitter employees posted tweets with the hashtag "#WeBackJack," the Tesla Inc. TSLA CEO joined them in expressing support.
"Just want [to] say that I support [Dorsey] as Twitter CEO. He has a good [heart]," Musk tweeted, using a heart emoji.
Why It Matters
Dorsey has been leading payment services company Square Inc. SQ at the same time as Twitter, which is said to be one of the reasons for Elliott's push for replacement. Much like Dorsey, Musk, too, leads the Space Exploration Company, or SpaceX, at the same time as Tesla.
Musk had earlier made a surprise appearance at a Twitter employee event, where he offered Dorsey advice on how to improve Twitter based on his own experience as a prolific user.
Price Action
Twitter's shares closed 7.89% higher at $35.82 on Monday. The shares traded slightly higher at $35.99 in the after-hours session.
Tesla's shares closed 11.32% higher at $743.62 and further surged 3.41% in the after-hours session at $769.
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