“Elon is the only solution to problems”: Jack Dorsey on the purchase of Twitter by Musk
Twitter will become a private company and will no longer be traded on the exchange
The founder and former CEO of Twitter spoke about the purchase of the company by Elon Musk. He posted Radiohead’s “Everything In Its Right Place” and commented on the changes announced by Musk.
“I love Twitter. Twitter is like global consciousness. The Twitter business has always been my problem and my biggest disappointment. He held on to Wall Street and advertising. Taking Twitter away from Wall Street is the right move. I don’t think anyone should own Twitter or single-handedly manage it. Twitter should be a public good. But as long as Twitter is a company, Elon is the only problem solver I trust. I believe in his mission to shed light on the mind,” said Dorsey.
“Elon has the right goal – to create a reliable platform accessible to everyone. Parag has the same goal, so I chose him as his successor. Thank you both for pulling the company out of a desperate situation. This is the right way… I believe in it with all my heart. I’m very happy that Twitter will continue to support public comments. Around the world and to the stars!” he added.
Twitter previously announced Musk’s purchase of the platform for $54.2 per share — the entire company is valued at about $44 billion. The deal is expected to close in 2022. After that, Twitter will become a private company and will no longer be traded on the exchange. Musk provided $21 billion from personal funds for the purchase of the social network, another $25.5 billion was allocated to Musk by a group of banks led by Morgan Stanley.