Twitter Inc. shares rose Monday after Bloomberg reported that an activist investor has built a sizable stake in the social media company and is pushing for changes, including possibly replacing co-founder and Chief Executive Officer Jack Dorsey.
The stock climbed 7.7% in New York to $35.75. They had gained only 3.6% this year through Friday before news of the activist interest emerged.
When Twitter executives met their activist investor agitators from Elliott Management Corp. for the first time last week, the man with the most to lose was absent. Dorsey didn’t attend the Friday night summit in San Francisco where his future was the main topic of conversation, according to people familiar with the matter.