On Monday 9th March 2020, Twitter CEO Jack Dorsey and Elliot Management allegedly reached a deal that leaves him as CEO for the foreseeable future. While Business Insider that reported the story claims that it is still developing, it is good news for many Twitter users who are fans of the lively co-founder Jack Dorsey.
In recent tech stories, there had been reports that Elliot Management had been out to remove Dorsey from his position. The move to do this had looked simple. As we reported, the activist investor planned to increase its stake in the company.
It had alleged that it would put three more people on Twitter’s board to have a total of four seats on the board. Then, they would move to drop the current CEO from his position.
Elliot Management had revealed that their reason had been for the better of Twitter. In a press statement, Elliot Management seemed to want to remove because he is also serving as CEO of Square.
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The investor reasons that Dorsey’s attention will be divided. Another reason is that under the current CEO, Twitter has been poor in innovative moves recently.
However, the latest news coming from the space is that Jack Dorsey will not be leaving Twitter any time soon. It announced that Silver Lake is investing $1 billion in it and as such, its co-CEO, Egon Durban will be joining the board of directors at Twitter.
Also, an Elliot partner, Jesse Cohn will be joining the board as well. This new deal also mandates Twitter to launch a $2 billion re-purchase of shares program and Silver Lake’s new investment will play an important role in funding it.
To further give Dorsey some encouragement, Patrick Pichette who is lead independent director of Twitter’s board of executives has expressed confidence in him. He mention that the company is moving in the right direction under his guidance.
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