Turns out there will be no real change at Twitter.
Twitter CEO Jack Dorsey will remain in his role atop the Big Tech giant, a week after his status was being questioned following a shake-up in the corporate structure of the monolithic social media provider.
A deal has been struck with Elliott Management, a vulture capital firm run by Republican donor Paul Singer that has gained a certain level of control over Twitter, to create a $2 billion share buyback program and add a few new members to the board of directors for the corporate behemoth.
In addition, tech investment firm Silver Lake will be investing $1 billion into Twitter. Egon Durban, co-CEO of Silver Lake, and Jesse Cohn, a partner at Elliott, will be joining the board of directors. There will also be another unnamed individual added to the board in the upcoming days.
“Silver Lake’s investment in Twitter is a strong vote of confidence in our work and our path forward,” Dorsey said in a press release about the deal.