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Jack Dorsey stays in charge at Twitter after deal agreed

There had been suggestions the chief executive would be ousted.

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The Twitter bird logo (Twitter/PA)

The Twitter bird logo (Twitter/PA)

The Twitter bird logo (Twitter/PA)

Twitter has reached an investment deal with Silver Lake and Elliott Management that will keep Jack Dorsey as the social media company’s chief executive.

Twitter said Silver Lake will make a one billion US dollar investment in the company.

That money, along with cash on hand, is expected to be put toward a two billion US dollar stock buyback.

Elliott Management Corp, which owns about 4% of Twitter’s stock, will get one seat on Twitter’s board.

Jack Dorsey on Twitter
Jack Dorsey (Dustin Diaz/Twitter/PA)

Silver Lake will also get a board seat.

Prior media reports had suggested Elliott was planning to nominate four people to Twitter’s board and oust Mr Dorsey.

Twitter has lagged behind businesses like Facebook and Google in terms of user growth and advertising revenue.

Chief executive Jack Dorsey left the company to start payments company Square, but returned in 2015.

Now he splits his time between Square and Twitter.

PA