Twitter founder Jack Dorsey says Elon Musk takeover is ‘singular solution’ he trusts

·3-min read

After Twitter announced that the social media company will be sold to billionaire Elon Musk, the platform’s co-founder and former chief Jack Dorsey has said the Tesla titan’s takeover is the “singular solution” he trusts.

Twitter announced on Monday that Mr Musk would pay around $44bn at about $54.20 per share to acquire the San Francisco-based platform, which will now be taken private.

“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important,” Twitter’s chief Parag Agrawal said.

The company said in a statement that the deal had “been unanimously approved by the Twitter board of directors”, and that it is expected to close in 2022, if approved by shareholders.

“The Twitter board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” said Bret Taylor, Twitter’s independent board chair. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Following the announcement, Mr Dorsey said on Tuesday that “Twitter as a company” has always been his “sole issue” and “biggest regret.”

“It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step,” he said.

Mr Dorsey said he wants to be a public good “at a protocol level”, and not a company.

“Solving for the problem of it being a company, however, Elon is the singular solution I trust,” the former Twitter chief noted.

“Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one. This is also @paraga’s [Mr Agrawal] goal, and why I chose him,” he added.

However, speaking at a company-wide meeting on Monday, Mr Agrawal reportedly told Twitter employees that the future of the social media firm is uncertain after the deal to be taken private under the Tesla chief closes.

At the meeting, though he listened to staff questions about Mr Musk’s plans for the company, he deferred many of the queries, including ones about the possibility of layoffs and the board’s rationale for the deal, according to Reuters.

Mr Musk said in a statement that he believes Twitter should be a platform for free speech.

“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,” Mr Musk said in the statement.

Mr Agrawal was reportedly asked whether former US president Donald Trump, who was banned from Twitter last year, would be allowed to return to the platform. “Once the deal closes, we don’t know which direction the platform will go,” Agrawal replied, adding: “It’s a question we should address with him [Musk].”