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

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

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