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Thursday, December 01, 2022

Twitter needs to ‘cover’ Musk while it reforms itself, says Jack Dorsey

Twitter needs to 'cover' Musk while it reforms itself, says Jack Dorsey

Twitter co-founder and ex-CEO Jack Dorsey touted Elon Musk’s move to take the social media firm private — arguing that his billionaire friend would provide much-needed “cover” for the company as it needed a needed overhaul. pursues.

Dorsey concurred with a take from tech investor Ben Horowitz, co-founder of Andreessen Horowitz, who confirmed that his firm was contributing $400 million to Musk’s $44 billion buyout of Twitter.

“While Twitter has great promise as a public square, it is plagued by a number of difficult issues ranging from bots to abuse to censorship,” Horowitz tweeted. “Being a public company completely reliant on an advertising business model exacerbates all of this.”

“Woh toh hai. It needs cover for a while,” Dorsey replied.

Musk said throughout his conversation with Twitter’s board that the company needs to go private to reach its full potential. The billionaire said he would “strive to keep as many shareholders as possible in privatized Twitter as permitted by law.”

Dorsey, who resigned from Twitter’s CEO and board of directors but retained a major stake in the firm, may remain in the mix following the acquisition of Musk.

In the same SEC filing detailing the private partners who contributed more than $7 billion in funding, Musk’s team noted that it would continue discussions with Dorsey about contributing their shares to the bid.

“We Invested Because We Believe” [Twitter co-founders Evan Williams and Dorsey’s] The vision of connecting the world and we believe in Elon’s talent to ultimately make it what it was meant to be,” said Horowitz.

Some have even raised the possibility that Dorsey may return to management of the company in some capacity after the deal closes – although neither he nor Musk have indicated that will happen so far.

Dorsey has been impressive in his praise for Musk ever since he began his takeover effort – declaring last month that “Elon is the only solution I trust” to lead course correction on Twitter.

Jack Dorsey
Jack Dorsey has endorsed Elon Musk’s vision for Twitter.
Bloomberg via Getty Images
Elon Musk
Elon Musk is set to take Twitter private when his $44 billion deal for the company closes.
SOPA Image / LightRocket via Ghetto

Musk has rankled Twitter insiders with his plan to dial back the company’s content moderation policies to cut costs and re-emphasize free speech. He also plans to end the platform’s plague of automated spam bots and find new ways to monetize tweets.

Musk is set to serve as Twitter’s interim CEO for a few months after the deal closes until a permanent replacement is identified.

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