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.
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.
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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