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Twitter founder Dorsey will continue to hold on to Musk's financing burden is reduced

via:新浪科技     time:2022/11/1 9:00:51     readed:201

Sina science and technology news Beijing time on November 1 morning news, according to reports, the United States billionaire Elon Musk (Elon Musk) is the new owner of social media Twitter, and the latest news shows, Jack Dorsey, Twitter's co-founder and former chief executive, will continue to hold an equity stake in Mr. Musk's privately held company, saving Mr. Musk money with the purchase.

Dorsey, who previously held a 2.4% stake in Twitter, will continue to transfer that stake to X Holdings, a new holding parent company created by Musk for Twitter, according to a regulatory filing with the Securities and Exchange Commission.

The market value of Mr. Dorsey's 18 million Twitter shares is about $1 billion, according to the filing. It also means Musk's financial cost of acquiring Twitter has been reduced by $1 billion and the financing burden has been reduced.

Dorsey has been rumored to be a part of Musk's Twitter deal, but so far, Dorsey has not confirmed plans to participate in the deal or move his existing stake.

In April, when Mr. Musk first signed the agreement to buy Twitter, Mr. Dorsey agreed to transfer his stake to the new company, according to regulatory filings. Dorsey's entire stake was officially transferred on Tuesday, the same day Musk officially became Twitter's new boss.

Some of the private chats surfaced in court in a lawsuit between Musk and Twitter, which is demanding Musk implement an agreement to buy the site at the original price. According to the information, Dorsey and Musk have long been good friends and had extensive discussions on the subject before Musk decided to buy Twitter.

In addition, Musk has executed the acquisition agreement to become Twitter's new owner. Twitter's case against Musk will also end up in court.

Musk, who is currently based at Twitter's headquarters, has reportedly requested rapid changes to some of the platform's authentication processes, as part of an effort to invent more revenue models at Twitter.

In addition, Twitter owns Vine, a short video platform, and Musk wants to see a financial return on that business.

Twitter's engineering team is reportedly working overtime on an almost "24/7" basis in response to a series of orders from its new boss.

Twitter, it should be noted, is widely expected to face major layoffs soon. Sources told the tech outlet that Twitter has drawn up a list of who will go and who will stay, and that the layoffs are fully finalized.

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