Jack Dorsey, the founder of Twitter, will remain the boss of the social network, according to documents filed Monday, November 2 with the American Financial Markets Authority (SEC).
Read also: Square, the other successful company of the CEO of Twitter
The investment firm Elliott Management had tried earlier this year to dislodge Jack Dorsey, whom he accused of not focusing enough on his business, since he is also the head of another listed company, Square.
But Twitter and the activist fund reached an agreement in March, and the independent committee formed by the two companies
"recommended that the current structure remain in place,"
according to the documents.
“The committee expressed confidence in the leaders”
of Twitter.
The Elliott fund, of American businessman Paul Singer, also criticized, according to American media, the willingness of the boss of Twitter to spend part of the year in Africa.
Jack Dorsey gave it up in March, citing in a tweet the epidemic of the new coronavirus and
"everything that is happening elsewhere"
.
Read also: The fight of the CEO of Twitter to save his place
According to the agreement then detailed in a press release, the investment company Silver Lake was to inject $ 1 billion into Twitter.
The social network was to use this money along with the cash at its disposal to buy back up to $ 2 billion of its own shares.
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