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Journalism of Courage
Elon Musk has succeeded in his bid to take over Twitter and the deal was announced on Monday. While Musk’s takeover of the social network has spark mixed reactions all over, former Twitter CEO Jack Dorsey has given him a wholehearted approval.
Dorsey posted in a series of tweets that approved of Musk’s deal and said that ‘taking it back from Wall Street’ was the correct first step. For those who are unaware, Musk intends to take the company private, meaning it will not be a publicly listed one.
He also said that “Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one.” Dorsey added this was the reason he chose Parag Agrawal as the CEO as he too shares the same goal.
“Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart,” he wrote.
In a statement on Twitter, Musk has said that, “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.” He added that he wants to make algorithms open source, increase platform trust and also defeat spam bots.
While the deal has been finalised for now, there are questions on how Musk will fund this venture. More specifically, there are questions on how he is going to cover the $21 billion equity portion of the transaction that he’s personally guaranteed?
According to Bloomberg, “Musk has outlined the $13 billion in bank financing secured by the social-media company and the $12.5 billion backed by a pledge of some of his $170 billion Tesla Inc. stake. But he’s been short on details about how he’ll fund the remainder.”
