Twitter announced the signing of a cooperation agreement with two investment companies — Silver Lake and Elliott Management (.pdf). As a result, changes will occur in the composition of the board of directors of the company, and the funds received from investment funds will be used for the repurchase of shares. The main result of the agreement – CEO and founder of Twitter Jack Dorsey will retain his post.
Mr. Dorsey was threatened with removal from the post of CEO after Elliott Management invested $ 1 billion in the service at the end of February, bringing its stake in the company to 4%. The investment fund, as one of the largest shareholders, wanted to dismiss Jack Dorsey and immediately proposed four of his candidates to the board of directors. The founder of Twitter defended the company’s employees and Elon Musk, as well as Silver Lake. The latter ultimately intervened in the situation and, within the framework of today’s agreement, also buys shares of Twitter for $ 1 billion. As a result, Mr. Dorsey will retain his post and the board of directors will include one representative from each investment fund.
Read about the situation around Jack Dorsey in the article “Shakespearean Passions Unfolded on Twitter.”
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