According to the report, American billionaire Elon Musk has become the new owner of social media Twitter, and the latest news shows that Twitter co-founder and former CEO Officer Jack Dorsey will continue to hold a stake in Musk’s privately-held Twitter company, saving Musk’s buyout.
According to Twitter’s regulatory filings with the Securities and Exchange Commission, Dorsey originally held a 2.4% stake in Twitter, which he will continue to transfer to Musk’s new holding parent company “X” for a Twitter holding company”.
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According to the document, Dorsey currently holds 18 million Twitter shares with a market value of about $1 billion. It also means that the economic cost of Musk’s acquisition of Twitter has been reduced by $1 billion, and the financing burden has been reduced.
There have been previous rumors that Dorsey will participate in (ie, fund) Musk’s acquisition of Twitter, but so far, Dorsey has not confirmed to the outside world that he plans to participate in the transaction or shift his existing equity.
Regulatory filings report that Dorsey agreed to transfer his stake to the new company when Musk first signed the agreement to buy Twitter in April. On Tuesday, all the shares held by Dorsey were officially transferred, and on the same day, Musk officially became the new owner of Twitter.
In a previous lawsuit between Musk and Twitter Inc. (Twitter asked Musk to execute an agreement to buy the site for the original price), some private chats were exposed in court. The information shows that Dorsey and Musk have been good friends for a long time, and Dorsey and Musk had had extensive discussions on the topic before Musk decided to buy Twitter.
In addition, Musk has executed the acquisition agreement, becoming the new owner of Twitter. The aforementioned Twitter case against Musk is also set to end in court. According to reports, Musk himself is currently working at Twitter’s corporate headquarters, and he has asked for quick changes to some of the platform’s certification process, one of which is to invent more revenue models at Twitter.
In addition, Twitter has a short video platform Vine, Musk hopes to see the economic return of this business. In response to a series of orders from the new boss, Twitter’s engineering team is reportedly working overtime in an almost “24/7” mode.
It should be noted that Twitter is widely expected to usher in massive layoffs soon. The source told the above-mentioned technology media that Twitter has developed a list to determine who will leave and who will stay, and the layoff plan has been fully finalized.
