Twitter's Founder, Jack Dorsey, Pockets over N400bn From Elon Musk's Acquisition but Says he Has Regrets
- Elon Musk's purchase of Jack Dorsey's company, which he started in 2006, has elicited a reaction
- While he expressed faith in Musk's leadership to drive the firm forward, he also stated that he had regrets
- Jack's reaction comes after data showed how he pocketed more than N400 billion from the sales of his company
In the last few hours, the media space has been abuzz with the acquisition of Twitter, one of the most popular social media platforms by the World Richest Man, Elon Musk.
Legit.ng reported how Musk paid over $43 billion for all the shares of Twitter for $54.20 per share to completely take over the micro-blogging and social media company
Jack Dorsey is the co-founder of Twitter and has 18.04 million shares of the company.
Source: UGC
Dorsey's wealth jumps in billions
Following the completion of the acquisition, Jack Dorsey 18.04 million shares made him a whopping N405.3 billion ($977.8 million).
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Bloomberg data shows that as at Tuesday, 26 April 2022 , Jack sits as the 320th richest person on earth with a total worth of $7.20 billion.
Jack Dorsey has regrets
Despite making a very huge amount from the sale of his company started 16 years ago, Jack Dorsey said the social media company is his biggest regret.
Complaining about investors on Wall Street, a Financial District in the United States, taking over the microblogging site, Dorsey said while he doesn’t support one person owning Twitter, he believes the firm shouldn’t be controlled by the Wall Street investors, so Musk’s acquisition is right for the company.
Dorsey made the comment via Twitter on Tuesday, stating that the platform had always been his sole issue and biggest regret, and he would do whatever it takes to protect the company.
He said:
"Musk is the only solution he trusts to solve the issues that have trailed Twitter due to the involvement of investors."
So with the acquisition, Dorsey stated that Musk and Twitter CEO, Parag Agrawal, has taken Twitter out of an “impossible situation”.
It was gathered that both Musk and Agrawal share the same ideology about the direction the platform should take, and Dorsey said that’s why he chose Agrawal to be the CEO when the founder stepped down.
In his words:
“I love Twitter. Twitter is the closest thing we have to a global consciousness. The idea and service is all that matters to me, and I will do whatever it takes to protect both.
“Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step.
“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.
“Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one. This is also @paraga’s (Twitter CEO) goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart.”
Billionaires line up to buy Chelsea FC after Abramovic ouster
Recall that Legit.ng has reported that the beleaguered Chelsea Football Club is set to have new suitors, this time the owners of Chicago Cubs and Ken Griffin, a billionaire and hedge fund tycoon.
According to Sky News, the Ricketts family and Griffin have created an investment group that will present a proper offer for the European Champions on Friday, March 19, 2022.
This will be announced on Wednesday and will present a tough competitor to other bidders as Roman Abramovich hands-off Chelsea after 19 years as owner of the club.
Source: Legit.ng
