Twitter in deal with Silver Lake, Elliott; Jack Dorsey still CEO

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.

Twitter has lagged behind businesses like Facebook and Google in terms of user growth and advertising revenue. CEO Jack Dorsey left the company to start payments company Square, but returned in 2015. Now he splits his time between Square and Twitter.