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Jack Dorsey Retains Stake In Twitter, Saving Elon Musk $1 Billion

Tyler Durden's Photo
by Tyler Durden
Wednesday, Nov 02, 2022 - 12:05 AM

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

Twitter co-founder and former CEO Jack Dorsey has retained his 2.4 percent stake in the social media platform after it was acquired by Tesla CEO Elon Musk, according to a new filing with the Securities and Exchange Commission.

Jack Dorsey, co-founder of Twitter and Square, speaks on stage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood, in Miami, Fla., on June 4, 2021. (Joe Raedle/Getty Images)

According to the filing, Dorsey retained more than 18 million shares in Twitter, valued at about $1 billion when the company became private.

The decision by Dorsey, which was initially agreed upon back in April according to the filing, means that Musk has saved himself a substantial payout to the former Twitter CEO.

It also means that Dorsey will remain one of Twitter’s largest shareholders, second only to Musk himself and Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud, who rolled over his 34.948 million shares of Twitter, valued at roughly $1.9 billion, in October.

Dorsey, who stepped down from Twitter’s Board of Directors in May this year, has been outspoken in his support for Musk taking over Twitter, writing in April that Musk was the “singular solution” he trusts.

‘Common Digital Town Square’

“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one,” Dorsey said at the time. “This is also @paraga’s [former 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.”

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

Musk, who officially acquired Twitter on Oct. 27, has repeatedly stated that the platform must be a place where individuals can debate a wide range of topics without fearing censorship of minority and politically conservative viewpoints; something that Twitter has been accused of repeatedly in the past.

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