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Twitter CEO Jack Dorsey. Photo: David Becker/Getty Images

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.

Go deeper

Trump bump: NYT and WaPo digital subscriptions tripled since 2016

Data: Axios reporting and public filings; Chart: Axios Visuals

The New York Times and The Washington Post have very different strategies for building the subscription news company of the future.

The big picture: Sources tell Axios that the Post is nearing 3 million digital subscribers, a 50% year-over-year growth in subscriptions and more than 3x the number of digital-only subscribers it had in 2016. The New York Times now has more than 6 million digital-only subscribers, nearly 3x its number from 2016.

Ben Geman, author of Generate
47 mins ago - Energy & Environment

Biden's emerging climate orbit

Photo illustration: Aïda Amer/Axios. Photo: Win McNamee/Getty Images

As of Tuesday morning, we know a lot more about President-elect Joe Biden climate personnel orbit, even as picks for agencies like EPA and DOE are outstanding, so here are a few early conclusions.

Why it matters: They're the highest-level names yet announced who will have a role in what Biden is promising will be a far-reaching climate and energy agenda.

Janet Yellen is back

Photo illustration: Sarah Grillo/Axios. Photo: Hannelore Foerster/Getty Images

A face familiar to Wall Street is back as a central player that this time will need to steer the country out of a deep economic crisis.

Driving the news: President-elect Joe Biden is preparing to nominate former Fed chair Janet Yellen to be Treasury secretary.