The pro-Bitcoin current Twitter CEO, Jack Dorsey, will remain at his position after a $2 billion deal. The news came just a few weeks after the founder of Elliott Management Corp, Paul Singer was reported to replacing him.
Jack Dorsey Stays As Twitter CEO
At the end of February, reports informed that Elliott Management had become a sizeable stakeholder on Twitter. The hedge fund giant wanted to apply some changes to the popular social network, and one of them was to replace the acting Chief Executive Officer – Jack Dorsey.
Despite the rumors, earlier today, though, Elliott Management and Twitter Inc had reached an agreement that ultimately keeps Dorsey at his management position. As a part of the deal, the social media will have to add two new members to its board of directors.
Twitter will also receive a $1 billion investment from Silver Lake, a leading tech investor. Furthermore, it’s expected to undertake a $2 billion share repurchase (buy-back) program.
Jesse Cohn, a partner at Elliot Management, weighed in on the matter, saying that the new agreement aims to increase Twitter’s influence:
“I am looking forward to working with Jack and the Board to help contribute to realizing Twitter’s full potential.”
Elliott Management initially claimed that Dorsey’s attention is split between the two companies that he operates. He serves as CEO at the social media giant and at Square, the financial service company.
Interestingly enough, Twitter Stock (TWTR) is one of the very few equities in the green today. As Cryptopotato reported earlier, the financial markets plummeted, but TWTR is up by 1.4% at the time of this writing.
Crypto Community’s Relief
Aside from his corporate positions, Dorsey has been a long-time Bitcoin supporter. Last month, Twitter introduced a Bitcoin emoji. He updated his profile with it and kept it visible to this day.
As such, the community seemed somewhat worried that if he is replaced, it might trigger a wave of censorship, similar to YouTube’s Crypto Purge. Most members showed their support for Dorsey at the time, including Chanpeng Zhao – the CEO of the largest cryptocurrency exchange by volume, Binance.
“Just want to say that I support @jack as Twitter CEO. He has good taste $bitcoin.” – he tweeted.
Another prominent CEO who backed Dorsey was Tesla’s Elon Musk, saying that the former has a good heart.