According to a Bitcoinist report on March 10, Twitter has reached an agreement with activist investor Elliott Management, and Jack Dorsey will continue to be the CEO of Twitter. This statement is a major victory for the Bitcoin and cryptocurrency communities.
Board reorganizes, Dorsey will remain CEO
Elliott Management's U.S. human rights investment operations director Jesse Cohn and Silver Lake CEO Egon Durban will join Twitter's board immediately. Twitter will soon appoint a third independent director.
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Twitter's board and its new members will also set up a committee to work with Dorsey to evaluate succession plans and make recommendations on corporate governance. The new committee will cancel the company's original staged board of directors and plans to announce the results of the investigation by the end of the year.
Under the terms of the agreement, equity firm Silver Lake will also invest $ 1 billion in the social media company. Twitter plans to use the money to fund its first share repurchase, which is set at $ 2 billion.
As CEO of both companies, is Dorse too distracted and comfortable?
Bitoinist reported last week that Elliott Management holds a large stake in Twitter and to nominate four director candidates, including directors who may replace Dorsey as Twitter's new CEO.
According to reports, Elliott Management founder Paul Singer was worried that Dorsey would be too distracted as the CEO of Twitter and Square, a listed company. In addition, Dorsey had planned to stay in Africa for six months a year. plan.
As part of the deal, Elliott Management and Silver Lake have signed an agreement to suspend payments to stop further pushing Dorsey out.
Although Patrick Pichette, the chief independent director of the Twitter board, said he "believes that we are on the right path under Dorsey's leadership," Twitter will still set up an interim board committee to strengthen the board's ongoing management structure Evaluation. Patrick said:
As a board of directors, we will regularly review and evaluate the operation of Twitter. Although our CEO structure is unique, Dorsey and Twitter are also unique.
Is Dorsey's retention good for Bitcoin?
Jack Dorsey has always been a strong advocate of Bitcoin and one of Bitcoin's most compelling advocates. By supporting Bitcoin in Square's application Cash, he helps users buy and hold Bitcoin easily and conveniently.
Twitter also funded a development team dedicated to driving the development of the Bitcoin ecosystem. If Dorsey is removed from his role as Twitter CEO, it could lead to a slowdown in the spread of Bitcoin.