Oct 31, 2022 - Economy

Twitter co-founder Dorsey holding onto stake in company

Rebecca Falconer

Jack Dorsey, co-founder of Twitter, on stage at the Bitcoin 2021 Conventionon June 04, 2021 in Miami, Florida. — Jack Dorsey, Twitter co-founder, at a 2021 event in Miami, Florida. Photo: Joe Raedle/Getty Images

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.

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Twitter co-founder Dorsey holding onto stake in company

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