- A new deal would keep Jack Dorsey as chief executive officer of Twitter following attempts to remove him from office
- The Paul Singer-led Elliot Management sought to remove him because Dorsey also serves as the CEO of Square
- Per the new arrangement, Dorsey would cancel his trip to Africa and Twitter would have two new board members
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Information available shows that Jack Dorsey would remain in office as the chief executive officer (CEO) of Twitter Inc.
This follows a deal struck with an activist investor known as Elliot Management.
Paul Singer-owned Elliot Management was campaigning for Dorsey’s exit.
Part of the reason was the fact that Dorsey also served as the CEO of Square.
Per a report by Business Insider, the new deal would also mean that Dorsey would no longer be coming to Africa.
The Twitter CEO earlier announced a planned trip to the continent as he believed it would play a crucial role in Twitter’s operations in the future.
The deal to keep Dorsey in office was reached after it was announced that reports from Bloomberg and CNBC suggested Elliott was looking to oust Dorsey as CEO.
Twitter would also receive a $1 billion investment from Silver Lake as part of the deal.
This would automatically give seats on its board to the investment firm's co-CEO, Egon Durban, and an Elliott partner, Jesse Cohn.
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