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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

3/9/20

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.  

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