When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.

Jack Dorsey retains Twitter shares by rolling over 2.4% stake in Musk's holding

US House of Representatives Energy and Commerce CommitteeHandout via Reuters

Twitter co-founder Jack Dorsey has retained his stake at the company. Dorsey agreed to roll over his 2.4% Twitter stake at Elon Musk's new holding for the company - X Holdings I Inc.

Dorsey owns a little over 18 million shares which equates to around $1 billion according to the SEC filing (pdf). Dorsey and Musk are said to be friends, and the Twitter co-founder had agreed to roll over his shares back in April when Musk first signed the merger agreement with Twitter.

Jack Dorsey officially rolled over his shares on Thursday last week, when Musk officially became the owner of Twitter.

Musk did not waste much time to gain full control over the micro-blogging platform. He fired CEO Parag Agrawal, CFO Ned Segal, and head of legal policy Vijaya Gadde. Another SEC filing also revealed that he also fired the entire board of Twitter as well, leaving him with the title of "sole director".

Musk's team is also prepping up for mass layoffs that will target a quarter of the staff totaling to more than 7,000. The layoffs will affect almost all departments in Twitter, including sales, product, engineering, legal, and trust and safety in the coming days.

Elon Musk also hinted towards the return of Vine, the original short-video format platform that was popular in early 2010s.

Source: Reuters; The Washington Post

Report a problem with article
A silhouette of a person on the left with sound waves coming out of their mouth on a blue background
Next Article

MIT researchers build AI system that can model the world using sound in latest breakthrough

Google chrome logo and Chrome written next to it
Previous Article

Google Chrome's new sidebar makes it easy to compare search results

Join the conversation!

Login or Sign Up to read and post a comment.

23 Comments - Add comment