Posted on 11/01/2022 7:47:09 AM PDT by Red Badger
Dorsey's decision saved the Tesla mogul about $1 billion in his takeover of the social media platform.
Twitter co-founder Jack Dorsey is betting that Elon Musk can turn the social platform’s fortunes around.
According to securities filings Monday evening, Dorsey opted to roll his ownership stake in the company over to Musk’s new private venture. While Musk had said in the months leading up to the closing of the deal that he had been in talks with Dorsey to roll over his stake, neither man had confirmed the deal until the filings were disclosed on Oct. 31.
Dorsey owned more than 18 million shares in Twitter, valued at about $1 billion. He could have cashed those shares out at $54.20 a piece when Musk took the company private, instead, he will end up saving Musk about $1 billion in his purchase price by rolling those shares over.
The rollover keeps Dorsey around as one of Twitter’s largest shareholders, after only Musk and Saudi Arabia’s Prince Alwaleed Bin Talal, who rolled over about $1.9 billion worth of Twitter stock into Musk’s private venture.
Dorsey and Musk are friends, with the Twitter co-founder having endorsed Musk’s takeover effort.
“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one,” he tweeted after Musk launched his takeover. “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.”
While Agrawal was close to Dorsey, he did not share that connection with Musk, who fired him for cause after closing the Twitter deal. It is not immediately clear what cause Musk terminated Agrawal for, or if the former CEO will seek to take Musk or the company to arbitration over the decision.
Been hearing for years that Dorsey is actually a conservative but was trapped in LaLaLand.
IF Agrawal lied on ANY ofthe disclosure paperwork-—IMO, Musk has him cold.
Ha ha ha...lefties in denial.
Dorsey knows Musk knows that Twitter is largely bots. If he took the offer he’d be sued and possibly criminally charged. Now he has insulated himself. I hope everyone else gets destroyed.
I’ve heard that as well, but it remains to be seen..............
Its clear to everyone else.
Supposedly Musk and Dorsey have been friends for a long time and again supposedly Dorsey is all on board for Musk’s vision for Twitter.
Even if not completely conservative, not batshit crazy is okay by me.
Yeah that seems to be the case. It looked a lot like he lost control of twitter.
Why would he give up all of it when he founded it?
Every startup’s dream is to get big and sell it. It’s no longer fun when you have a board of directors and have to meet quarterly goals.
Alexander may have conquered the world, but he didn’t stay in one area long enough to get bogged down in managing it.
Well, he got rid of the entire board and declared himself the sole executive, so he didn’t need to give them any individual reasons.
I meant why not keep some percentage when I said give it all up.
Ban Jack’s tweets, Bro’!
Dorsey and Musk are said to be friends and the two extensively discussed Musk’s takeover of Twitter, even before the Tesla billionaire moved to acquire it, according to private texts revealed as part of a Twitter lawsuit against Musk. That court case set to be formally closed soon, as Musk is now the owner of the platform.
https://finance.yahoo.com/news/jack-dorsey-just-saved-elon-222715755.html
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