Elon Musk has succeeded in his bid to take over Twitter and the deal was announced on Monday. While Musk’s takeover of the social network has spark mixed reactions all over, former Twitter CEO Jack Dorsey has given him a wholehearted approval.
Dorsey posted in a series of tweets that approved of Musk’s deal and said that ‘taking it back from Wall Street’ was the correct first step. For those who are unaware, Musk intends to take the company private, meaning it will not be a publicly listed one.
Dorsey went on to add, “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.”
He also said that “Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one.” Dorsey added this was the reason he chose Parag Agrawal as the CEO as he too shares the same goal.
“Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart,” he wrote.
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
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
I’m so happy Twitter will continue to serve the public conversation. Around the world, and into the stars!
— jack⚡️ (@jack) April 26, 2022
In a statement on Twitter, Musk has said that, “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.” He added that he wants to make algorithms open source, increase platform trust and also defeat spam bots.
While the deal has been finalised for now, there are questions on how Musk will fund this venture. More specifically, there are questions on how he is going to cover the $21 billion equity portion of the transaction that he’s personally guaranteed?
According to Bloomberg, “Musk has outlined the $13 billion in bank financing secured by the social-media company and the $12.5 billion backed by a pledge of some of his $170 billion Tesla Inc. stake. But he’s been short on details about how he’ll fund the remainder.”
