Twitter and investors call a truce after attempt to oust CEO Jack Dorsey

Elliott Management, the activist hedge fund led by Paul Singer, is pushing for CEO Jack Dorsey to be replaced after taking a $1-billion stake in Twitter.that Elliott took a sizable stake in Twitter to push for changes, including potentially replacing Dorsey. The New York-based firm nominated four directors to Twitter’s board, people familiar with the matter said at the time.

Elliott took issue with Dorsey dividing his time between running Twitter and his role as CEO of Square Inc., the payments company, the people said. Dorsey had also said he planned to spend up to six months of the year working in Africa, a plan he has since said he will reevaluate.

As part of the deal, Twitter set a goal of hitting some tough performance metrics, including growing its monetized daily active users in 2020 and beyond by 20% or more, accelerating revenue growth on a year-over-year basis and gaining share in the digital advertising market. If the company doesn’t perform well, Dorsey could still be replaced or investors could push for a sale of Twitter, according to people familiar with the matter, who asked to not be identified because the matter is private.

Durban, who became co-CEO of Silver Lake in December, first reached out to Dorsey directly after the initial Bloomberg News report on Elliott’s stake, the people said. Silver Lake has a long history with Elliott and Twitter, which it had looked at acquiring in the past. Durban acted as a peacemaker of sorts, the people said, and agreed to invest $1 billion in the company, sit on its board and to have Silver Lake’s operations team help improve Twitter’s performance.

Twitter jack IMO very good news ! IMO parallel intelligent games/videos/streaming/ movies/Video-Conference/etc. would be nice on Twitter, find something in it. SilverLake Thanks ! I don't trust Elliott Cohn, imo they will not stop until they steal Free Speech control.

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Twitter Gets $1 Billion Investment That Will Keep Jack Dorsey As CEOTwitter announced today that it will accept a $1 billion infusion from a tech investment firm in a bid to keep on CEO Jack Dorsey after activist investor Elliot Management tried to push him out karaswisher profgalloway pivot jack is the Tupac of social media. You cant keep him down. So no plans to become profitable just keep raising money? This seems strange. Why infuse money for the sole purpose of trying to keep him as CEO? What magical power does he have that makes Twitter so special? It pretty much runs itself now? They certainly aren’t innovating
Source: Forbes - 🏆 394. / 53 Read more »

Twitter Gets $1 Billion Investment That Will Keep Jack Dorsey As CEOTwitter announced today that it will accept a $1 billion infusion from a tech investment firm in a bid to keep on CEO Jack Dorsey after activist investor Elliot Management tried to push him out karaswisher profgalloway pivot jack is the Tupac of social media. You cant keep him down. So no plans to become profitable just keep raising money? This seems strange. Why infuse money for the sole purpose of trying to keep him as CEO? What magical power does he have that makes Twitter so special? It pretty much runs itself now? They certainly aren’t innovating
Source: Forbes - 🏆 394. / 53 Read more »