Twitter founder Jack Dorsey backs Elon Musk's company acquisition
Twitter founder Jack Dorsey ...
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Twitter founder Jack Dorsey backs Elon Musk's company acquisition

26 April 2022
1 min.
Twitter founder Jack Dorsey backs Elon Musk's company acquisition

Musk and Twitter

Twitter founder and former CEO Jack Dorsey has backed the purchase of the company by US entrepreneur Elon Musk.

According to Dorsey, he regretted that Twitter, being a public company, was effectively owned by investors and advertisers.

Dorsey stressed that Twitter, in his view, should be "not a company but a public good". He said: "Elon Musk is the only one best suited to this task."

The Twitter founder also said he supported Musk's desire to "create the most robust and broadly inclusive platform possible", noting that current CEO Parag Agrawal had similar guidelines.

On 29 November last year, Dorsey announced that he had ceased to serve as the company's CEO. That position was taken over by Twitter's CTO Agrawal, whose appointment was unanimously supported by board members.

On 25 April, Twitter's management announced that Musk was buying the company for $44 billion. As Agrawal said at an internal meeting with employees, quoted by Reuters, Twitter does not yet have a clearly defined development strategy after the deal.

Moreover, amid the news surrounding Twitter, Twitter's shares closed at $51.70 in yesterday's trading, adding +5.66 per cent. The maximum value per share was USD 52.29, while the minimum value was USD 50.24.

Also in the last five days the stock gained +9.42%. It is worth noting that Twitter has a market capitalisation of US$39.48 billion as of today.

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