Twitter board supports CEO Dorsey on his new plan for the company
On Monday, Twitter’s (TWTR) board of directors announced that they support Chief Executive Officer Jack Dorsey on his new plans about the firm’s “current structure.”
“The committee expressed its confidence in management and recommended that the current structure remains in place,” the board stated in a regulatory filing.
According to the company’s statement, Twitter’s “significantly improving product” and financial stability during the third quarter climbed by 14% year-over-year to $936 Million.
In February, activist investor Elliott Management scrutinized Dorsey and attempted to oust him from his job. At the same time, Twitter had reached a deal with the investment firm, Silver Lake.
According to Refinitiv’s IBES data, the American microblogging and social networking platform had 187 Million monetizable daily active users (mDAU) during the third quarter, beating analysts’ expectations of 195.2 Million users.