Jack Dorsey will continue at helm of Twitter after the company reached an agreement with activist investor that had been potentially looking to oust the social network’s co-founder.
Twitter, in addition to the deal with Elliott Management, announced that private-equity firm Silver Lake, which will make a $1 billion investment in the company.
Twitter said it plans to use Silver Lake’s investment as part of funding a $2 billion stock buyback program in the future. Under the agreement with Elliott Management, which owns about 4% of the Twitter’s common stock and economic equivalents, two new board members will be appointed to the board: Egon Durban, co-CEO and managing partner of Silver Lake; and Elliott partner Jesse Cohn.
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