WHAT’S BEING CLAIMED:
- Elon Musk received Twitter co-founder’s approval
- Musk bought the social media network at $54.20 per share, $44 billion in total.
- While Dorsey doesn’t “believe anyone should own or run Twitter,” he does feel confident about this deal, saying “[this] is the sole solution I trust.”
Elon Musk has received thumbs up from Jack Dorsey, co-founder of Twitter.
This comes after the $44 billion purchase of the social media network. Dorsey co-founded the platform in 2016 and became its chief executive twice.
On Monday, he tweeted to share “Everything in Its Right Place” by Radiohead and said that he is confident about this. He started with “I love Twitter. Twitter is the closest thing we have to a global consciousness.”
“The idea and service is all that matters to me, and I will do whatever it takes to protect both,” Dorsey continued. “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.”
While Dorsey doesn’t “believe anyone should own or run Twitter,” he does feel confident about this deal, saying “[this] is the sole solution I trust.”
“I trust his mission to extend the light of consciousness… Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one,” he said. Dorsey ended the thread with, “I’m so happy Twitter will continue to serve the public conversation. Around the world, and into the stars!”
He stepped down from his position in November 2021 and explained what pushed him to this decision in a press release at the time.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” he said.
The search for the next person for the job did not take long. Parag Agrawal, who served as the chief technology officer, assumed the position.
The purchase has now come close to a conclusion, with a unanimous decision from the board. The transaction is expected to close in 2022.
“[Twitter] has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company,” the company said in a news release.
Musk became the social media platform’s largest shareholder in April. He shared his intention in a statement, saying that wants to make Twitter “better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.”
He also mentioned that the platform “has tremendous potential — I look forward to working with the company and the community of users to unlock it.”