Silver Lake to Make $1 Billion Investment
Twitter is one of the most crucial platforms in global dialogue. For over several years, Twitter has undergone remarkable changes. Recently, Twitter, Inc. has announced that Silver Lake, a global leader in technology investing, is planning to make a $1 billion investment in Twitter. Elliott Management Corporation (“Elliott”), an investment firm whose affiliated funds own approximately 4% percent of the Twitter’s common stock expects to use Silver Lake’s investment to fund a $2 billion share repurchase program to be executed over time.
In reference to the investment and therefore the Cooperation Agreement, Egon Durban, co-CEO and managing partner of Silver Lake, and Jesse Cohn, partner at Elliott are appointed to the Twitter Board of Directors. Additionally, the Twitter Board can continue the process of identifying the third director that specializes in candidates that mirror the range of the Twitter service and also possess deep technology and AI experience.
Leveraging growth and product innovation
A lead independent director of the Twitter Board, Patrick Pichette, said that the company is deeply proud of its accomplishments and confident. We are on the right path with Jack’s leadership and the executive team. As a Board, we regularly review and evaluate how Twitter is run, and while our CEO structure is unique, so is Jack and so is this Company. To continue to ensure strong governance, we are pleased to create a temporary Board committee that will build on our regular evaluation of Twitter’s leadership structure. This committee, which I will chair, will provide a fresh look at our various structures, and report the findings to our Board on an ongoing basis. In an environment where certainty is scarce, I can say with certainty that today we have taken steps to meaningfully strengthen what is already a world-class Board.
Twitter is waving to further strengthen the Board by the addition of Mr. Durban and Mr. Cohn. As one of the most respected technology investors in the world, Mr. Durban harnesses unparalleled operational knowledge in technology. On the other hand, Mr. Cohn is one of the most prominent active investors in public technology companies and brings outstanding industry, capital markets, and governance experience.
Jack Dorsey, co-founder and CEO, said, “Twitter serves the public conversation, and our purpose has never been more important. Silver Lake’s investment in Twitter is a strong vote of confidence in our work and our path forward. They are one of the most respected voices in technology and finance and we are fortunate to have them as our new partner and as a member of our Board. We welcome the support of Egon and Jesse, and look forward to their positive contributions as we continue to build a service that delivers for customers, and drives value for stakeholders.”