Twitter Co-Founder and Former CEO Issues Surprise Statement in Response to Elon Musk's Takeover
Twitter co-founder and former CEO Jack Dorsey gave his stamp of approval to Elon Musk’s bid to buy Twitter.
“I love Twitter. Twitter is the closest thing we have to a global consciousness,” he wrote in the first of a series of tweets Monday night after Musk purchased the social media giant.
Dorsey, who stepped down in November, suggested trying to fit his concept into a corporate structure did not work out as he hoped.
The idea and service is all that matters to me, and I will do whatever it takes to protect both. Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step.
— jack⚡️ (@jack) April 26, 2022
“The idea and service is all that matters to me, and I will do whatever it takes to protect both. Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step,” he tweeted.
In his perfect world, Dorsey noted, no one would own Twitter. But in the world of reality, Dorsey indicated, Musk as an owner will work just fine.
In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.
— jack⚡️ (@jack) April 26, 2022
“In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness,” he said.
Although many reports have suggested Musk and Twitter CEO Parag Agrawal will mix like oil and water, Dorsey said they each have a role in Twitter’s future.
I’m so happy Twitter will continue to serve the public conversation. Around the world, and into the stars!
— jack⚡️ (@jack) April 26, 2022
“Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one. This is also @paraga’s goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart,” he wrote.
“I’m so happy Twitter will continue to serve the public conversation. Around the world, and into the stars!” Dorsey added.
The words might come as a surprise from a man whose public identity was so closely tied to his position in Twitter, but the tweets indicate Dorsey had unhappiness with Twitter that weren’t revealed in his public statements.
Also, The Hollywood Reporter noted that Dorsey, who is already a billionaire, will be gaining on the sale of Twitter to Musk.
Dorsey owns 2.4 percent of the company, which comes out to about 18,042,428 shares, the publication estimated. With Musk paying out $54.20 a share, Dorsey would rake in about $978 million from the sale.
The report said that under his agreement with Twitter, Agrawal would receive a $38.7 million package if Musk were to fire him.
Ever notice that democrats complain about Elon Musk trying to buy Twitter,
but have nothing to say as Bill Gates purchases hundreds of thousands of acres of farmland across 19 states?
— #ThePersistence (@ScottPresler) April 21, 2022
Although Twitter’s board accepted the deal, there is still a long way to go to finalize the sale, Russ Mould, investment director at AJ Bell, said, according to the Guardian.
“The social media platform is currently trading at $51.92 despite the board agreeing to sell the company for $54.20 per share. This approximate 4% gap is the market’s way of saying there is still some risk to the deal,” he said.
“After all, Musk is one of the most unpredictable characters in business today and while his offer to buy the company came out of the blue and was recommended by the board in only a matter of weeks, this is not a done deal until he’s secured all the necessary support from shareholders and the money has been wired from his account,” he said.
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