Twitter says it's reached an investment deal with Silver Lake and Elliott Management that will keep Jack Dorsey as the social media company's CEO.
Twitter Inc. said Monday that Silver Lake will make a $1 billion investment in the company. That money, along with cash on hand, is expected to be put toward a $2 billion stock buyback.
Elliott Management Corp., which owns about 4% of Twitter's stock, will get one seat on Twitter's board. Silver Lake will also get a board seat.
Prior media reports had suggested Elliott was planning to nominate four people to Twitter's board and oust Dorsey.
But the new agreement makes it seem likely he will stay. Twitter has lagged behind businesses like Facebook and Google in terms of user growth and advertising revenue. CEO Dorsey left the company to start payments company Square Inc., but returned in 2015. Now he splits his time between Square and Twitter.
Last week the company said it was testing "Fleets," a Tweet that disappears in 24 hours, as a response to critics who say Twitter hasn't introduced very many new product features.
The new feature is reminiscent of Instagram and Facebook "stories" and Snapchat's snaps, which let users post short-lived photos and messages. Such features are increasingly popular with social-media users looking for smaller groups and and more private chats.
Local school staple “Lost on a Mountain in Maine” from 1939 hits the big screen nationwide
Most Maine schoolchildren know about the boy lost for more than a week in 1939 after climbing the state's tallest mountain. Now the rest of the U.S. is getting in on the story.
Opening in 650 movie theaters on Friday, "Lost on a Mountain in Maine" tells the harrowing tale of 12-year-old Donn Fendler, who spent nine days on Mount Katahdin and the surrounding wilderness before being rescued. The gripping story of survival commanded the nation's attention in the days before World War II and the boy's grit earned an award from the president.
For decades, Fendler and Joseph B. Egan's book, published the same year as the rescue, has been required reading in many Maine classrooms, like third-grade teacher Kimberly Nielsen's.
"I love that the overarching theme is that Donn never gave up. He just never quits. He goes and goes," said Nielsen, a teacher at Crooked River Elementary School in Casco, who also read the book multiple times with her own kids.
Separated from his hiking group in bad weather atop Mount Katahdin, Fendler used techniques learned as a Boy Scout to survive. He made his way through the woods to the east branch of the Penobscot River, where he was found more than 30 miles (48 kilometers) from where he started. Bruised and cut, starved and without pants or shoes, he survived nine days by eating berries and lost 15 pounds (7 kilograms).
The boy's peril sparked a massive search and was the focus of newspaper headlines and nightly radio broadcasts. Hundreds of volunteers streamed into the region to help.
The movie builds on the children's book, as told by Fendler to Egan, by drawing upon additional interviews and archival footage to reinforce the importance of family, faith and community during difficult times,... Read More