In a Twitter thread following the board’s unanimous acceptance of Musk’s $44 billion offer to take the social media giant private, Jack said “I love Twitter. Twitter is the closest thing we have to a global consciousness,”
“In principle, I don’t believe anyone should own or run Twitter,” the former CEO added. “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.”
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, the last trading day before Musk disclosed a 9.2% stake in the company.
Some Twitter users threatened to leave the social media platform if Musk took over, even before the deal was finalized. Musk responded saying, “I hope that even my worst critics remain on Twitter, because that is what free speech means.” In a tweet.
Jack Dorsey affirms the acquisition of Twitter is a massive win for free speech.
“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one,” Dorsey wrote. “This is also [current 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.”
Twitter shares closed at $51.70 following the acquisition by the World’s Richest Man, Elon Musk.