Jack Dorsey gave his blessing to Elon Musk’s pending $ 44 billion acquisition of Twitter Inc. on Monday night, saying “Elon is the singular solution I trust.”
In a series of tweets, Dorsey, Twitter’s TWTR, +5.66% co-founder and former CEO, said taking the company private was for the best.
“Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step,” he tweeted.
“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.”
Previously: Jack Dorsey: Twitter board has ‘consistently been the dysfunction of the company’
Calling Twitter “the closest thing we have to a global consciousness,” Dorsey said: “Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one. This is also @paraga’s [CEO Parag Agrawal] goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart.”
Dorsey stepped down as Twitter CEO last year, and still serves as CEO of his other company, Block Inc. SQ, +4.59%.