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LOS ANGELES — In a move that could signal wide-ranging implications for the adult industry, Elliott Management Corp. has purchased a “sizable stake” of Twitter and is now seeking to remove CEO Jack Dorsey.

Paul Singer, Elliott Management’s billionaire founder, is “a Republican mega-donor who opposed Donald Trump during the real-estate magnate’s run for the presidential nomination but has since come onside,” notes The Guardian’s Martin Bengelly.

“News of the Elliott stake saw Twitter’s share price rise on Friday, during general market slides in the midst of the coronavirus outbreak,” The Guardian explained. “Elliott Management is an activist investor, which means it regularly pushes for change in companies in which it buys shares.”

Bloomberg News’ Scott Deveau and Ed Hammond report the exact size of Elliott’s stake “couldn’t be determined.” However, Elliott “plans to push for changes at the social media company… Elliott has a long history of agitating for changes at some of the world’s largest companies.”