Monday, September 26, 2022

Twitter Co-founder Jack Dorsey Says Elon Musk Takeover ‘Is the Right Path’

Jack Dorsey
Jack Dorsey, CEO of Twitter and co-founder & CEO of Square (Photo by Marco BELLO / AFP) (Photo by MARCO BELLO/AFP via Getty Images)

*Twitter co-founder and former CEO Jack Dorsey issued a statement regarding Elon Musk’s $44 billion dollar takeover of the company.

Dorsey called Twitter the “closest thing we have to a global consciousness.”

We previously reported, per CNN, that Twitter has agreed to sell itself to Musk in a deal valued at around $44 billion, the company said Monday. Under the terms of the deal, shareholders will receive $54.20 in cash for each share of Twitter stock they own, matching Musk’s original offer and marking a 38% premium over the stock price the day before Musk revealed his stake in the company.

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter independent board chair Bret Taylor said in a statement, calling the deal ” the best path forward for Twitter’s stockholders.”

READ MORE: Twitter Agrees to Sell to Elon Musk for $44 Billion – Get Ready for Trump’s Return 🙁 | VIDEOs

In a series of Monday night tweets, Dorsey noted his love for the Twitter app. “The idea and service is all that matters to me, and I will do whatever it takes to protect both,” he wrote. “Twitter as a company has always been my sole issue and my biggest regret.”

Dorsey is set for a $978 million cash payout should the deal be completed, per Hollywood Reporter.

“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,” Dorsey wrote.

Dorsey added, “I trust [Musk’s] mission to extend the light of consciousness.”

He continued, “Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one. This is also [Twitter CEO Parag Agrawal’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.” 

Dorsey concluded, “I’m so happy Twitter will continue to serve the public conversation. Around the world, and into the stars!”

Dorsey co-founded Twitter in 2006 along with Evan Williams, Biz Stone and Noah Glass. He stepped down as CEO of the company in November 2021.

Ny MaGee
Ny MaGee is an entertainment reporter with over 15 years of experience working in the film industry in areas including production and post-production, marketing, distribution, and acquisitions. She has worked for legendary film producer Roger Corman, Quentin Tarantino's production team at Miramax, the late Larry Flynt, MTV/ VH1, Hallmark Channel, Paramount, Jim Henson Co., Parade Magazine, and various LA-based companies representing above-the-line talent.

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