Twitter has struck a deal with Elliott and Silver Lake. But CEO Jack Dorsey faces an unspoken ultimatum, writes jennifersaba.
Twitter announced a $1 billion investment from private equity firm Silver Lake on March 9, and said it would give a board seat each to Silver Lake and activist hedge fund Elliott Management.
Elliott, the hedge fund led by Paul Singer, has a 4% economic interest in Twitter and had been seeking to oust Chief Executive Jack Dorsey, who is also chief executive of payments company Square.Egon Durban, co-CEO of Silver Lake, and Jesse Cohn, a partner at Elliott, will be appointed to Twitter’s board of directors. The board will continue the process to identify a third new independent director.
Twitter said it hoped to grow its monetizable daily active users by 20% or more this year “and beyond,” accelerate revenue growth and gain share in the digital advertising market. It plans to host an investor day in the fall.
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