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Twitter co-founder Jack Dorsey keeps stake after Elon Musk acquisition – The Hollywood Reporter

Twitter co-founder Jack Dorsey keeps stake after Elon Musk acquisition – The Hollywood Reporter

Twitter co-founder Jack Dorsey is betting that Elon Musk can turn around the social platform’s fortunes.

According to securities submissions On Monday night, Dorsey decided to transfer his ownership stake in the company to Musk’s new private venture. While Musk said in the months leading up to the deal that he was in talks with Dorsey about flipping his stake, neither confirmed the deal until the filings were released on Oct. 31.

Dorsey property more than 18 million shares on Twitter, worth about a billion dollars. He could have cashed in those shares at $54.20 apiece when Musk took the company private, instead, he’ll end up saving Musk about $1 billion in the purchase price by flipping those shares.

The turnaround keeps Dorsey as one of Twitter’s largest shareholders, behind only Musk and Saudi Arabia’s Prince Alwaleed Bin Talal, who transferred about $1.9 billion worth of Twitter stock to Musk’s private venture.

Dorsey and Musk are friends, and the Twitter co-founder supported Musk’s takeover bid.

“Elon’s goal of creating a platform that is ‘maximum trust and broadly inclusive’ is right,” he tweeted after Musk launched his takeover. “This is also [Twitter CEO Parag Agrawal’s] goal, and why I chose it. Thank you both for pulling the company out of an impossible situation. This is the right way. … I believe that with all my heart.”

While Agrawal was close to Dorsey, he did not share that connection with Musk, who did fired him for post-contractual reasons on Twitter. It was not immediately clear why Musk terminated Agrawal, or whether the former CEO will seek to take Musk or the company to arbitration over the decision.





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