Twitter has agreed with the Investor Elliott Management: Jack Dorsey will retain his Position as CEO. The announcement represents a major victory for Bitcoin and the crypto-Community.
Dorsey will remain CEO in the midst of upheaval
Jesse Cohn, Elliott’s US-led force, will occur with Egon Durban, the Co-chief of the “Silver Lake”-Executive Committee, with immediate effect, in the Twitter Board of Directors. A third independent Director will later be appointed.
The Executive Board is, together with its new members and a Committee to evaluate a succession plan with Dorsey and recommendations to company management to Express. A possible change in the field of view of the new Committee on the elimination of the staggered Board. It is planned, the results up to the end of the year to announce.
The equity company Silver Lake will invest in the framework of the agreement in addition to $ 1 billion in the Social-Media company. Twitter plans to use this money to Finance its first Share buyback of 2 billion dollars.
Dorsey: overloaded or in the Workflow?
The Elliott Management has taken a substantial stake in Twitter, and four candidates for the Board of management proposed – including the possible replacement of Jack Dorsey as the CEO.
Elliott founder Paul Singer was reportedly concerned that Dorsey divides his attention – on the one hand, to his role as CEO of two publicly listed companies, Twitter and Square, on the other hand, on its plans for up to six months per year in Africa. These plans, he wants to consider “new”.
As part of today’s agreement, Elliott Management and Silver Lake have signed a standstill agreement, with any more pressure on Dorsey’s distance is set.
Patrick Pichette, the leading independent Director of the Twitter Board, said that the temporary Executive Committee will be created to access the usual on-going evaluation of the management structure of the Board of management to build, although he is “confident that we are with Jack’s leadership are on the right path”.
“As a Board, we review and evaluate regularly, how Twitter is operated, and while our CEO structure is unique, is Jack and this company is also unique.”
Dorsey is good for Bitcoin
Jack Dorsey is a big Bitcoin proponent and one of the most visible advocates of the Assets. Through the implementation of the Cash App by Square, he has created one of the easiest ways to buy Bitcoin and hold.
Twitter is also financing a Team of developers who work exclusively on the Bitcoin Ecosystem forward. Dorsey as Twitter should be-the CEO removed, could lead the impact to a slower or lesser acceptance of Bitcoin.