What you need to know
- Twitter co-founder and former CEO Jack Dorsey has praised Elon Musk's bid to take the company private.
- He thinks Musk "is the singular solution" for the social media platform.
- Early Monday, Twitter agreed to sell itself to Musk for approximately $44 billion.
Former Twitter CEO and co-founder Jack Dorsey has publicly thrown his weight behind Elon Musk's $44 billion offer to buy the social networking platform, describing him as "the singular solution" for the company.
Dorsey praised Musk in a series of tweets several hours after the company's board agreed that the world's richest man would own the platform and make it private.
Twitter's board of directors and Musk reached an agreement on Monday, in a surprising twist to a saga that had been expected to end with Twitter rejecting the Tesla founder's offer. However, after securing financing for his offer, the board warmed to his takeover bid.
The company's stockholders will receive $54.20 in cash for each share of Twitter common stock that they own when the proposed transaction is completed. Twitter will also go private once the deal goes through.
In his first public comments following the buyout, Dorsey said Musk's plan to take the service private "is the correct first step."
"Twitter as a company has always been my sole issue and my biggest regret," Dorsey tweeted. "It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step."
He went on to say that he doesn't "believe anyone should own or run Twitter."
"It wants to be a public good at a protocol level, not a company," Dorsey added. "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."
Dorsey also said that Musk's goal of making the platform "maximally trusted and broadly inclusive is the right one."
He also addressed Twitter CEO Agrawal, saying that he shares Musk's goals and that this is why he handed over the company's top position to him in November of last year.
"Thank you both for getting the company out of an impossible situation," Dorsey tweeted.
His praise for Musk is unsurprising, given that he supported the latter's bid to take Twitter private even before the company's board agreed to a deal with him.
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Jay Bonggolto always keeps a nose for news. He has been writing about consumer tech and apps for as long as he can remember, and he has used a variety of Android phones since falling in love with Jelly Bean. Send him a direct message via Twitter or LinkedIn.