Jack Dorsey will stay at the helm of Twitter (TWTR  ) after a board-appointed committee recommended keeping Twitter leadership intact. Dorsey had been the target of intense scrutiny from an activist investment group, which had been poised to unseat the Twitter co-founder.

The committee appointed by Twitter's board recommended keeping the current management structure, which leaves Dorsey in control of the social media giant, likely to the chagrin of Elliot Management. The decision should allow Dorsey to breathe a momentary sigh of relief before Twitter is forced to tangle with its namesake platform's role in the ongoing U.S. Presidential Election.

The threat to Dorsey's position as Chief Executive Officer came in March, when Twitter agreed to appoint two new board members from Elliot Management and Silver Lake, the deal coming with a $1 billion investment from Silver Lake and an agreement to form a committee to examine Twitter's management structure. Elliot has been vocal regarding its reservations of Dorsey, whose dual role as CEO of Twitter and Square (SQ  ) perturbed the management group, which believed that Dorsey's full plate would make leading Twitter more difficult.

With the committee decision rendered, Twitter pivoted towards resuming the process of buying back some $2 billion worth of stocks. The company announced its intent to begin buybacks in the weeks before the coronavirus pandemic, the buybacks being promised as part of its agreement with Elliot and Silver Lake.

Stock Outlook

Between news of Jack Dorsey retaining his position, soon-to-resume stock buybacks, and the ongoing U.S. Presidential Election, Twitter's share price doesn't seem to know what to do with itself. Twitter's stock has been down from last week's earnings report and has been fluctuating between $39 to $45 per share throughout the week so far.

However, shares have continued to outperform the broader market alongside other tech giants, with the stock up about 36% for its year-to-date with the S&P 500 (SPY  ) only rising 9%.