JACK Dorsey, FOUNDER OF TWITTER, has welcomed Elon Musk’s £34.5bn takeover of his company as “the single solution I trust”.
The CEO of Tesla and SpaceX have reached an agreement to buy the social media platform for $54.20 (€50.24) per share, about $44 billion (£41.1 billion).
Dorsey, who founded Twitter in 2006, gave his blessing to the acquisition in a series of tweets, praising the decision to allow Musk to take the social media platform private and move it away from the Wall Street and advertising model.
“In principle, I don’t think anyone should own or run Twitter,” he said.
“It wants to be a public good at the protocol level, not a company.
However, to solve the problem of being a company, Elon is the singular solution that I trust. I trust in your mission to spread the light of consciousness.
I love Twitter. Twitter is the closest thing we have to a global consciousness.
—jack⚡️ (@jack) April 26, 2022
He said he agrees with Musk’s goal of creating a platform that is “maximally trustworthy and broadly inclusive.”
Dorsey added that he believes this is “the right path” for his company.
“I am so happy that Twitter will continue to serve the public conversation,” he said.
Around the world, and to the stars!
Musk, the world’s richest person, said last week that he had $46.5bn (£43.1bn) in financing to settle the Twitter purchase, pressuring the company’s board to broker a deal after initially he had resisted the entrepreneur approach to the platform. .
That offer came after the billionaire bought a 9% stake in the company and appeared ready to join its board, before switching to a takeover bid, saying he wanted to “unlock the potential” of the site.
In the wake of Musk’s offer, Twitter had enacted an anti-takeover measure known as a poison pill that could have made a takeover attempt more difficult and costly, but the company’s board of directors decided to negotiate after Musk updated his proposal to show that it had secured financing. , according to reports in the US
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Following the deal, Musk described Twitter as “the digital town square” in a joint statement with the social media platform.
“Freedom of expression is the foundation of a functioning democracy, and Twitter is the digital public square where vital issues for the future of humanity are debated,” he said.
He added that he wants to make Twitter “better than ever,” promising to get rid of spam bots and open up the platform’s algorithms to the public to increase trust.
The Tesla boss had previously said he wanted to buy Twitter because he didn’t think it properly served its purpose as a platform for free speech.
Critics of Musk’s efforts to take over the site have raised concerns about his stance as a “free speech absolutist” and there have been suggestions that he could relax his content moderation rules or possibly allow the return of certain Suspended accounts, including that of former US President Donald Trump.