Twitter and Elliott Management Strike a Deal: What You Need to Know

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Here's something to tweet about. It looks like Jack Dorsey is here to stay. Twitter has reached a deal with Elliott Management under which Dorsey will remain CEO of Twitter. 

In addition, Twitter  (TWTR) - Get Report pledged to buyback $2 billion in stock and Silver Lake pledged a $1 billion investment in the social media giant. 

Twitter is down over 5% in early trading, reflecting the broader selloff which triggered a halt in trading following Monday's opening bell. 

Catch the full details of the deal between Twitter and Elliott in the video above. 

Transcript:

We have some breaking news out of Twitter...The company has announced a partnership with Elliott Management and Silver Lake.

The partnership leaves Jack Dorsey as CEO of Twitter.

Silver Lake will make a $1 billion investment.

And Twitter's board has authorized a share repurchasing program.

Egon Durban, co-CEO of Silver Lake, and Jesse Cohn, a parter at Elliott, will be appointed to Twitter's board.

 And Twitter's board will continue its search for a new independent director.

Elliott had previously reportedly taken a roughly $1 billion dollar stake and nominated four directors to the board, according to the Wall Street Journal.

In premarket trading, Twitter was down over 6%. The stock is up around 8% over the past year.

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