Twitter, Elliott Management and Silver Lake in 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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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
Read more »
Swatch Group CEO sees 'massive' temporary hit in China from coronavirusSwiss watchmaker Swatch Group is taking a 'massive' hit from the outbr...
Read more »
P&G CEO on products for older folks; cutting back on plasticTide detergent, Pantene shampoo and Gillette razors have filled cupboards for decades. But being a household name isn't good enough anymore.
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
Read more »
For transgender dancers, progress can't come fast enough“Dance audiences are ready and hungry for trans voices. It's our dance institutions that are still catching up,” director Sean Dorsey says. - NBCOUT
Read more »