Jack Dorsey to remain as Twitter CEO after deal with Elliott Management and Silver Lake
Twitter announced Monday that it struck a deal with investment firms Silver Lake and Elliott Management that will allow CEO Jack Dorsey to remain in his position.
Between the lines, via Axios' Dan Primack: With the agreement, activist investor Elliott may get what it wants in terms of a higher short-term share price, but it does nothing to satisfy its original complaint about Twitter needing a full-time CEO.
- The deal involves a $1 billion investment from Silver Lake, which will fund a $2 billion share repurchase program.
- Silver Lake co-CEO and managing partner Egon Durban and Elliott Management partner Jesse Cohn will join Twitter's board as part of the deal.
What they're saying:
- "Jack is a visionary leader, and a critical force behind Twitter's ongoing evolution and growth. I look forward to working alongside the entire Board and the executive team to drive Twitter's long-term innovation and success," Durban said in a news release.
- "We invested in Twitter because we see a significant opportunity for value creation at the Company. I am looking forward to working with Jack and the Board to help contribute to realizing Twitter's full potential," said Cohn.