June 18, 2024

Tishamarie online

Specialists in technology

Jack Dorsey to remain Twitter CEO after all


Jack Dorsey, in happier times.

Getty Images

Jack Dorsey will remain master of the tweets for a bit longer.

Twitter announced Monday he will remain its CEO, despite an effort fro man activist investor Paul Singer to oust him and take control. ¬†Singer’s fund, Elliott Management, said in a joint statement with Twitter that in addition to Dorsey remaining head of the social network, the company will add to its board of directors a member from Singer’s team.

Twitter also said the large technology investing house Silver Lake would be investing $1 billion into the social network. Twitter also plans to repurchase $2 billion of its own shares in an attempt to increase its stock price.

“Twitter serves the public conversation, and our purpose has never been more important,” Dorsey said in a joint statement with Elliott Management and Silver Lake.

Last month, rumors began circulating that Singer planned an attempt to oust Dorsey. Among Singer’s complaints were Twitter’s poor stock market performance, still sitting more than 16% below its IPO price seven years ago. Singer also questioned whether Dorsey’s time was being effectively spent as CEO of both Twitter and payments company Square.¬†

Dorsey also planned to travel to spend up to six months in Africa this year, something he’s publicly reconsidered since Singer announced his takeover plans. Twitter didn’t immediately respond to a request for comment or make Dorsey available to discuss his Africa plans following the agreement.

Source Article