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Twitter to partner with Silver Lake, Elliott Management and conduct $2 billion in buybacks

Twitter Inc. announced Monday that it had struck a partnership with Silver Lake and Elliott Management Corp., through which the company will add new directors to its board. Twitter is to receive a $1 billion investment from Silver Lake, which it will use to help fund a $2 billion share-repurchase plan that was authorized by its Board of Directors. Silver Lake Co-Chief Executive Egon Durban and Elliott partner Jesse Cohn will join Twitter's board, along with a third independent director. Though Elliott reportedly had been interested in ousting Twitter Chief Executive Jack Dorsey, the agreement announced Monday keeps him in his role. Dorsey also serves as chief executive of Square Inc. . Twitter shares are off 4.6% in premarket trading Monday amid broad-market weakness. The stock has lost 9.6% over the past month, as the S&P 500 has slipped 11%. Read More...

Twitter Inc. announced Monday that it had struck a partnership with Silver Lake and Elliott Management Corp., through which the company will add new directors to its board. Twitter is to receive a $1 billion investment from Silver Lake, which it will use to help fund a $2 billion share-repurchase plan that was authorized by its Board of Directors. Silver Lake Co-Chief Executive Egon Durban and Elliott partner Jesse Cohn will join Twitter’s board, along with a third independent director. Though Elliott reportedly had been interested in ousting Twitter Chief Executive Jack Dorsey, the agreement announced Monday keeps him in his role. Dorsey also serves as chief executive of Square Inc. . Twitter shares are off 4.6% in premarket trading Monday amid broad-market weakness. The stock has lost 9.6% over the past month, as the S&P 500 has slipped 11%.

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