Entertainment

Jack Dorsey just saved Elon Musk about $1 billion by rolling over his shares of Twitter into a stake in the new private company

According to a recent SEC filing, Dorsey has agreed to transfer his remaining 2.4% ownership in the company he co-founded to Musk’s new holding company for Twitter, X Holdings I Inc. According to the report, Dorsey’s nearly 18 million shares are worth little more than $1 billion. That amounts to money that Musk did not need to come up with in order to buy the business.

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Although it was rumored that Dorsey would contribute to Musk’s acquisition of Twitter, he had not yet made any explicit commitments or rolled over his shares. In April, when Musk signed the merger agreement with Twitter, Dorsey reportedly consented to the rollover. On Thursday, Musk officially acquired Twitter, and Dorsey officially rolled his shares.

According to private texts obtained as part of a Twitter lawsuit against Musk, Dorsey and Musk are claimed to be pals and the two discussed Musk’s takeover of Twitter in great detail even before the Tesla billionaire made any moves to acquire it. Given that Musk is now the platform’s owner, the legal battle is about to be officially concluded.

Twitter is already being changed by Musk. In an effort to make the site’s verification process a money-making component of Twitter’s operations, he has ordered rapid improvements to it. He also wants to see Vine, Twitter’s short-form video platform, return. Teams of engineers are reportedly working “essentially 24/7” to fulfill growing demands.

Meanwhile, it’s commonly anticipated that staff will shortly face widespread layoffs. People with knowledge said that lists of who should be retained and who should be fired have been created and are ready, according to Insider.

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