Jack Dorsey set to receive $978 million if Elon Musk’s Twitter acquisition closes
Twitter’s co-founder and former CEO Jack Dorsey is poised to receive a significant payday if Elon Musk’s $44 billion acquisition of the social media giant closes, as his Twitter shares would be converted into cash. Dorsey, who has declined to take a salary from the company and instead chose to take a $1.40 annual paycheck, owns 2.4% of the company, with just over 18 million shares. Under Musk’s offer to buy each Twitter share for $54.20, Dorsey would receive a $978 million in cash, according to a report from The Wrap.
As for other Twitter executives, the company’s CFO, Ned Segal, would receive $25.4 million if the company sold and Musk brought in new management. The social media giant’s chief legal officer Vijaya Gadde would get $12.4 million, whereas Twitter’s chief customer officer Sarah Personette would receive $11.2 million.
Following the news that Twitter had accepted Elon Musk’s takeover offer, Dorsey expressed his approval of the proposed acquisition. In a tweet thread that starts out with a link to Radiohead’s “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 went on to say that Musk’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one and that this goal aligns with Agrawal’s vision for the platform as well. He concluded by saying that “this is the right path” and that he is “happy Twitter will continue to serve the public conversation.”
Twitter says the transaction, which was unanimously approved by the board, will likely close this year following shareholder and regulatory approval and “the satisfaction of other customary closing conditions.”
For more visit startupupdates.in
For more news updates join it Telegram Group and WhatsApp Group