Twitter’s decision to suspend President Donald Trump’s account will test a truce made last year between CEO Jack Dorsey and top shareholders of the social media company that allowed Dorsey to remain in the top job.

In early 2020, Dorsey faced calls from Elliott Management to step down, after the hedge fund argued he was paying too little attention to Twitter while also running payments processing company Square. He fended off this pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter's board...

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