The founder and former CEO of Twitter, Jack Dorsey, has issued a statement following the sale of his former platform to billionaire SpaceX and Tesla founder Elon Musk on Monday.
Dorsey issued his statement after Musk managed to arrange the sale of Twitter for $44 billion, which the board of directors unanimously approved, saying that he views Musk as the “singular solution” he trusts to fix the company’s problems.
“I love Twitter. Twitter is the closest thing we have to a global consciousness,” Dorsey said. “The idea and service is all that matters to me, and I will do whatever it takes to protect both.
“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,” he added.
“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,” he continued.
“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one. This is also ’s goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart,” he said.
The sale of the company, which Musk bought for $54.20 per share, is expected to close this year, subject to the approval of Twitter’s shareholders and other regulatory approvals.
“Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction,” Twitter noted in a Monday statement. “The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.”
The company also said that Musk had secured $25.5 billion of fully committed debt and margin loan financing and is providing a $21 billion equity commitment.