Twitter co-founder Jack Dorsey on Monday night called Elon Musk’s $44 billion takeover and privatization of the social media platform the “right path” for the company.
“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one,” Dorsey tweeted.
Dorsey also thanked Musk and Twitter CEO Parag Agrawal “for getting the company out of an impossible situation.”
“This is the right path…I believe it with all my heart,” wrote Dorsey, who stepped down as CEO of Twitter in November.
Dorsey endorsed Musk’s vision, saying that operating Twitter as a company “has always been my sole issue and my biggest regret” and that “Taking it back from Wall Street is the correct first step.”
“In principle, I don’t believe anyone should own or run Twitter,” he tweeted. “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.”
Musk, whose massive deal was accepted by Twitter on Monday, said he wanted to purchase Twitter to restore the platform’s adherence to free speech principles.
“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,” Musk said in a statement after the announcement.
The Tesla CEO will pay $54.20 per share for the company, which he has vowed to take private.
Dorsey, who did not accept a salary as head of Twitter, owned 2.4 percent of the company, or about 18,042,428 shares, according to The Hollywood Reporter.
That sets him up to receive a whopping $978 million cash payout if the deal is completed.
Agrawal and CFO Ned Segal each have “Change in Control” clauses in their contracts, according to Twitter’s latest proxy filing, according to The Hollywood Reporter.
According to Agrawal’s clause, he cites his reporting to the “board of directors of a publicly-traded entity,” meaning that Twitter going private would trigger the clause.
If both executives were terminated, Agrawal would be paid a $38.7 million package with Segal receiving a $25.5 million package, according to the outlet.