https://www.nytimes.com/2020/03/09/technology/twitter-silver-lake-investment.html

"Twitter Reaches Deal With Activist Fund That Wanted Jack Dorsey Out"

The announcement on Monday capped what briefly looked like a potential battle for the leadership of Twitter. Elliott had quietly amassed what is now a 4 percent stake in Twitter in recent weeks, becoming one of the company’s biggest investors.

Top among its complaints was Mr. Dorsey’s unusual role as the chief executive of two publicly traded companies: Twitter and Square, the financial services company he also co-founded. That split attention, the hedge fund argued, contributed to Twitter’s falling behind rivals in increasing its stock price and adding innovative new products.

As part of its pressure campaign, Elliott nominated four candidates for Twitter’s board on Feb. 21. It met later with the Twitter chairman, Omid Kordestani, and the company’s lead independent director, Patrick Pichette, to argue its case.

Mr. Kordestani and Mr. Pichette advocated a gentler approach, arguing that losing Mr. Dorsey would destabilize the company, and that Twitter was finally improving its momentum on product development and revenue.

Shortly after Elliott emerged as an activist, Silver Lake approached Twitter about a potential investment. The three worked in recent weeks to reach a compromise that allows Mr. Dorsey to remain chief executive.