Jack Dorsey in Line to Receive $978 Million Payout as He Walks Away From Twitter

Jack Dorsey, co-founder of Twitter Inc. and Ex-CEO, has embraced Elon Musk's takeover of the microblogging site with open arms. He dropped a series of tweets expressing his support for the move. While he states that he trusted Musk as 'the single solution' for Twitter his emphasis remained on the fact that the company should not have an owner, the Economic Times reported.

He tweeted, "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."

Jack Dorsey, CEO of Square and CEO of Twitter, speaks during an interview
Jack Dorsey, Former CEO of Twitter during an interview. Reuters

Last year Dorsey had announced his resignation as the CEO of Twitter on 29th November and Parag Agarwal the Chief Technology Officer took over as CEO.

Dorsey has been a long-time supporter of Musk and had on occasions also criticized the disaccord in the Twitter board, calling Musk's purchase of Twitter the right decision for the website.

"Elon's goal of creating a platform that is maximally trusted and broadly inclusive is the right one. This is also @paraga's 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," he added.

According to CNN reports, Twitter confirmed the sale of the company to Musk for $44 billion. Under the terms of the deal, for each share of Twitter stock they own the shareholders will receive $54.20 in cash, equaling the original offer by Musk and marking a 38 per cent premium over the stock price the day before Musk disclosed his stake in the company.

Describing Twitter as 'the closest thing we have to a global consciousness.' Dorsey further tweeted, '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.'

Twitter Elon Musk
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Known for his strict lifestyle of diets, exercise and meditation, Dorsey only takes a base salary of $1.40 a year from Twitter, however is now expected to receive a $978 million payout. He owns 18,042,428 shares in the firm which is equivalent to 2.4 per cent of the company, that Musk will now buy for $54.20 each, netting him close to a billion dollars.

According to the Daily Mail, the current Twitter CEO Agrawal will receive $38.7 million with the current chair of the board, Bret Taylor, receiving a cash payout of over $3 million. Former executive chairman Omid Kordestani, 59 who was chair from 2015-2020 and remains on the board, will receive a $50.6 million payout.

@jack twitter
@jack twitter
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