Platform founder Jack Dorsey keeps his stake in Twitter—making him one of the biggest holders other than Elon Musk.
Key Details
- Co-founder and former Twitter CEO Jack Dorsey is keeping his stake in Musk-owned Twitter.
- Dorsey rolled his nearly $1 billion in Twitter shares over into Twitter making him one of the company’s largest shareholders.
- This news comes as Musk is firing many executives within the company and officially making his mark on Twitter.
Why it’s news
Elon Musk officially acquired Twitter last week and has been going on a cleaning spree firing many top executives including everyone on the Twitter board.
News has broken that Jack Dorsey has rolled his nearly $1 billion in Twitter shares over into the now Musk-owned platform making him one of the company’s largest shareholders.
Dorsey was the co-founder of Twitter and former CEO until he resigned in May stating that the company needed to “move on from its founders.”
The news of Dorsey’s support doesn’t come at much surprise given the fact that he has supported Musk through the whole buyout process.
Earlier in the buyout process, Musk’s text messages were revealed in court filings and the messages showed that Dorsey tried to facilitate Musk’s Twitter takeover.
Some messages showed that Dorsey tried to connect Musk with Twitter CEO Parag Agrawal a day after the social-media platform accepted Musk’s $44 billion takeover bid.
“I want to make sure Parag is doing everything possible to build towards your goals until close,” Dorsey said in a message to Musk dated April 26. “He is really great at getting things done when tasked with a specific direction.”
Dorsey has been one of Musk’s biggest supporters and continues to support his decisions saying previously “Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.”
