Twitter co-founder Jack Dorsey praised Tesla founder Elon Musk’s takeover of the social media giant on Monday, The Verge reports.
Musk, the world’s richest man, agreed to a deal with Twitter’s board of directors to buy the company at $54.20 a share, or about $44 billion.
“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,” Musk said in a statement. “Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”
The deal was unanimously approved by the board but will be subject to a vote of shareholders and regulatory approvals before it can close, likely later this year.
Musk has vowed to improve “free speech” on the platform and has teased additional changes.
Dorsey, who stepped down as the company’s CEO earlier this year, said that taking the company “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,” Dorsey tweeted.
“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one,” he wrote.
White House worries:
Officials in the Biden administration privately expressed concerns about the sale, according to CNBC.
Some officials are concerned that Musk will allow former President Donald Trump and others banned for spreading misinformation or calls for violence will be returned to the platform.
They expressed concerns about the rise of misinformation on the platform ahead of the elections.
Trump said Monday that he doesn’t plan to return to the platform.
“I am not going on Twitter, I am going to stay on TRUTH,” he said, referring to his own social network. “I hope Elon buys Twitter because he’ll make improvements to it and he is a good man, but I am going to be staying on TRUTH.”