Elon Musk is taking over Twitter, and Twitter’s co-founder and former CEO Jack Dorsey think he’s the right man for the job.

Twitter’s co-founder and former CEO Jack Dorsey, expressed his approval of the proposed acquisition. In a tweet thread “Everything In Its Right Place,” Dorsey said that “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, who now leads payments company Block, said in his Monday Twitter thread that he supports Musk’s plan to take Twitter private because it is currently “owned by Wall Street.”

“Taking it back from Wall Street is the correct first step,” he wrote in a tweet.

Musk said in a letter announcing his offer to buy the company that Twitter needs to go private to “to go through the changes that need to be made.”

Dorsey has also previously hinted at his support to take the company private.

In the last several weeks, the social media company and the Tesla boss have been dueling over Musk’s initial proposal to buy Twitter for some $43 billion after he acquired a 9.2% stake in the company. Musk then began mounting a hostile takeover after becoming its largest individual shareholder.

On April 15, the day after Musk made his first public offer to buy Twitter, and the day that Twitter’s board adopted the “poison pill” defense, Dorsey wrote in a tweet that, “as a public company, Twitter has always been ‘for sale.’ that’s the real issue.”

Dorsey owns 2.36% of Twitter’s outstanding shares both directly and through trusts, according to the company’s most recent proxy statement. Musk agreed upon a proposed purchase price of $54.20 per share that would net the former Twitter CEO about $978 million.

The deal is still pending final approval by shareholders and regulators, but it is expected to close later this year.

Sources: Westernjournal, Hollywoodreporter, Nypost

 

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