Twitter CEO Jack Dorsey will get to keep his job in an agreement with hedge fund Elliott Management Corp., an investment firm whose major ownership in Twitter was a looming threat to the social media network founder's position in the company he created.
Elliott was reportedly interested in booting Dorsey from his executive position due to the founder dividing his time between Twitter and Square, another company he co-founded. The management firm allegedly believed Twitter could be better run by a dedicated CEO whose full focus was on the company.
An agreement announced Monday calls for several new members to the company's board of directors, as well as $2 billion in share repurchases. Twitter has also pledged to increase its daily use rate by 20 percent or more every year.