Elon Musk and Twitter agreed to a share price of $54.20, valuing the social media company at $44 billion.
Right after Twitter accepted Tesla’s CEO offer on Monday, Twitter co-founder Jack Dorsey described Elon Musk’s acquisition and privatization of the social media network as the “correct path” for the company.
Musk continued to speak of “free expression,” leaving us to wonder whether a particular former president’s account will be reinstated.
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“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one,” Dorsey tweeted.
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.
— jack⚡️ (@jack) April 26, 2022
Jack Dorsey stepped down as CEO of Twitter in November added that operating Twitter “has always been my sole issue and my biggest regret.”
“Taking it back from Wall Street is the correct first step,” he emphasized. “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 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.”
I love Twitter. Twitter is the closest thing we have to a global consciousness.
— 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.
— 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.
— jack⚡️ (@jack) April 26, 2022
I’m so happy Twitter will continue to serve the public conversation. Around the world, and into the stars!
— jack⚡️ (@jack) April 26, 2022
Dorsey also thanked new Twitter CEO Parag Agrawal, former Twitter’s Chief Technology Officer, “for getting the company out of an impossible situation.”
Musk said in a statement after the deal was done: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”
Parag himself has said 6 months ago that the social media platform’s content censorship should not be restricted by the First Amendment and that Twitter should “focus less on thinking about free speech.”
According to The Hollywood Reporter, Dorsey held 2.4 percent of the company, which is around 18,042,428 shares, and is entitled to a $978 million cash payment if the transaction is finalized; Agrawal would be paid a $38.7 million package with Segal receiving a $25.5 million package, according to The Hollywood Reporter.
