Jack Dorsey Remains Twitter Chief Executive after $2B Deal

Jack Dorsey Stays as Twitter Chief Executive after $2B Deal

Jack Dorsey will stay at his position as the current CEO of Twitter after a $2 billion deal.

The news came after Paul Singer, founder of Elliott Management, was reported to replacing Dorsey.

Dorsey commented on the deal, saying:

“Silver Lake’s investment in Twitter is a strong vote of confidence in our work and our path forward. They are one of the most respected voices in technology and finance and we are fortunate to have them as our new partner and as a member of our Board.”

Today, Twitter has announced receiving a $1 billion investment from Silver Lake; one of the leading investors in the technology sector.

As part of deal, Twitter also entered into an agreement with Elliott – which owns about 4% of Twitter – to use the investment and the available cash in a $2 billion stock buyback program.

In addition, two new persons are joining the Twitter board; namely Egon Durban from Silver Lake and Jesse Cohen from Elliott.

The company also stated that it seeks to appoint a third person as part of the agreement.

Twitter has committed itself to a plan to develop mDAU (a special metric used for active cash users) at 20% or more, with revenue growth accelerating on an annual basis.

Dorsey said today in a statement:

“Twitter serves the public conversation, and our purpose has never been more important.”

“We welcome the support of Egon and Jesse, and look forward to their positive contributions as we continue to build a service that delivers for customers, and drives value for stakeholders,” he added.

Twitter releases Emjois for Bitcoin

It is worth noting that Twitter decided to release emojis for Bitcoin as of February 2. This raised concern if the other giant messaging companies like Telegram will follow suit. Thus, when a Twitter user types Bitcoin, a picture showing its symbol will appear next to it.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.