Nov 1, 2022 - Economy & Business
Twitter co-founder Dorsey holding onto stake in company
Twitter co-founder Jack Dorsey retained a 2.4% stake in the microblogging site after Elon Musk completed his $44 billion acquisition, according to a new filing with the Securities and Exchange Commission.
By the numbers: The filing indicates that Dorsey rolled over some 18 million shares when Twitter became private.
- The value of the former Twitter CEO's shares represents about $1 billion, saving Musk a substantial payout to Dorsey, per Business Insider.
The big picture: Dorsey has been supportive of Musk taking over Twitter since before he left the social media company's board of directors last May.
Go deeper... Axios Podcast — How It Happened: Elon Musk vs. Twitter