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Twitter strikes deal with activist investor to keep Jack Dorsey as CEO

Square And Twitter CEO Jack Dorsey Speaks At Empowering Entrepreneurs Event
Jack Dorsey, chief executive of Twitter, in Toronto this month.   -   Copyright  Cole Burston Bloomberg via Getty Images file
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Twitter has struck a deal to keep Jack Dorsey as CEO, after an activist hedge fund recently agitated for leadership change at the company.

The deal will include a $2 billion share buyback program and give the hedge fund, Elliott Management, a seat on Twitter's board of directors, according to a press release.

Elliott, which has invested in and advocated for changes at many major companies, had recently pushed for changes at the company. Last week, Dorsey said he wasre-evaluating his plans to spend more time in Africa, though he cited the new coronavirus outbreakas the reason.

Technology investment firm Silver Lake will be investing $1 billion in Twitter as part of the agreement, and Silver Lake will also receive a board set. The board will also work toward finding a third new board member, according to the press release.