Elon Musk gives support to Jack Dorsey as investor plans his removal from office

Elon Musk gives support to Jack Dorsey as investor plans his removal from office

- Tesla and SpaceX CEO, Elon Musk, has expressed his support for the CEO of Twitter, Jack Dorsey in the wake of attempts to remove him from office

- Elliot Management, owned by Paul Singer, is seeking Dorsey's removal, after they gained almost 5% stake in the company

- Singer is seeking Dorsey's removal because he is the CEO of both Twitter and Square

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The Chief Executive Officer (CEO) of Tesla and SpaceX, Elon Musk, has thrown his weight being the CEO of Twitter Inc, Jack Dorsey.

This comes in the wake of reports of an attempt by a Twitter investor to oust Dorsey.

YEN.com.gh understands that Paul Singer's activist hedge fund, Elliot Management, is seeking Dorsey’s removal from office because he works as CEO in both Twitter and Square.

READ ALSO: Moneylenders 'cry' over possible collapse over GHC2 million minimum capital requirement

Twitter’s employees have however taken a stand and voiced their support for Dorsey with the hashtag #webackjack.

Taking to Twitter, Musk noted that he supports Jack because he has a good heart, Business Insider reports.

Elliot Management currently has almost a 5% stake in Twitter and is launching a campaign to get Dorsey removed from office.

He argues that Dorsey is not focused enough on Twitter and therefore needs to be removed from office.

In other news, the Ghana Micro Credit Association (GMCA) has appealed to the Bank of Ghana to review the current minimum capital requirement.

The GMCA explained that the GHC2 million required by the Central Bank before a money lender could legally operate in the country has led to a number of challenges.

READ ALSO: Egypt's Suez Canal records GHC2 billion profit in February 2020 alone

It added that a refusal to review the fee would lead to a foldup of businesses of moneylenders, especially those in the remote areas., Business Insider.com reports.

GMCA’s board chairman, Wilberforce Ofori, noted that “Micro Credit institutions are helping a lot of people in one way or the other especially in the remote areas.

That is why we are saying that for those in the remote areas they do not need a minimum capital requirement of Gh¢2 million.”

In August 2019, the Bank of Ghana revealed that microfinance institutions are required to provide a GHC2 million capital requirement by February 28, 2020, a refusal to do so which would result in sanctions.

Ofori noted that the new requirement reflects an increment from the earlier announcement of GHC300,000 after it was revised from GHC60,000 to GHC100,000.

READ ALSO: Alarm blows as Akufo-Addo's government blows GHC1 billion on technical and management services

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Source: Yen

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