Jack Dorsey backs Twitter takeover amid concerns: 'Elon's goal right one'
Elon Musk Twitter takeover deal has raised concerns over possibility of diminishing health of online conversations. But Dorsey has backed the takeover.
Twitter co-founder and former CEO Jack Dorsey's afterthoughts on a $44 billion buyout Elon Musk deal were revealed in a series of tweets as he backed the world's richest person and his purchase intentions. Pitching himself as a free-speech absolutist, Musk has voiced his opinion on the moderation by the social media giant. "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," he said as the details of the buyout were out in the open.
"I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans," Musk added.
But there have been growing concerns that the social media platform will soon be driven by profit and the space for healthy online conversations will gradually diminish.
Jack Dorsey, who had stepped from the post of CEO last year, backed the idea of Musk taking over. "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. (sic)" the 45-year-old wrote in a thread.
"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. (sic)".
The "definitive agreement", according to an official statement, says the social media giant "to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash" and it will become a private entity.
The purchase intention was revealed earlier this month by the 50-year-old and a spell of uncertainty followed with the Twitter board adopting a poison pill, a move usually adopted to counter hostile takeovers.