Former Twitter CEO offers effusive praise after $44 billion buyout bid from Musk is accepted.
Jack Dorsey is fully on board with Elon Musk’s acquisition of Twitter.
Hours after Twitter (TWTR) – Get Twitter, Inc. Report agreed to Musk’s $44 billion offer to take the social media company private, Dorsey who co-founded the company and served as CEO until last December, offered an effusive series of tweets supporting the move.
“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one,” Dorsey tweeted. “This is also [current CEO] @paraga’s goal, and why I chose him.”
Dorsey left Twitter last December to focus on payments company Block (SQ) – Get Block Inc Class A Report, where he was also CEO. Last week he changed his official title there to “Head,” presumably so he can be called “Block Head.” The move mirrored a similar action by Musk last year, who had his title at Tesla (TSLA) – Get Tesla Inc Report changed from CEO to “Technoking.”
Dorsey also commented on Twitter’s business model. “Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step.”
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Dorsey offered some additional thoughts.
“I love Twitter. Twitter is the closest thing we have to a global consciousness,” Dorsey tweeted.
“In principle, I don’t believe anyone should own or run Twitter. 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,” Dorsey added.
Musk’s acquisition of Twitter has stirred concerns among others.
Some are fearful he may use the company’s extensive personal data trove to get back at critics. Others, including Amazon founder Jeff Bezos, wonder whether Musk will face pressure from Chinese authorities to reveal information on Twitter users given Tesla’s extensive business dealings there.
Still others are either concerned or hopeful, depending on their politics, that Musk will reinstate former president Donald Trump on Twitter. Trump was banned after the Jan. 6, 2021 insurrection for fear he would incite more violence. Trump has reportedly said he wouldn’t rejoin Twitter even if the ban were rescinded. His own social media company, Truth Social, has seen a sharp decline in interest since launching in February.