Diamonds and Dogs
Twitter (TWTR) gets a new investor. The social media company is up 3% in a down market after agreeing with activist investors Elliott Management and Silver Lake. Twitter said the agreement includes a $1 billion investment from Silver Lake, that will partly fund a $2 billion buyback while co-founder Jack Dorsey will remain as CEO, but there will be an evaluation of a CEO succession plan. Earlier this month, multiple media reports suggested Elliott Management was looking to replace Dorsey and install selected nominees to Twitter's eight-member executive board.
Dow component, Chevron (CVX) down 13% after the price of crude tumbled 20% overnight, the biggest decline since the Gulf War as Saudi Arabia reversed course over the weekend now indicating they may increase production next month after losing a stand-off battled with Russia last week to curb oil production. The current market is oversupplied and further production doesn't make sense other than to punish select countries and oil frackers.