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Under Elon Musk’s new ownership, former Chief Executive Officer Jack Dorsey has retained a share in Twitter, which equates to roughly $1 billion in value.
According to a recent SEC filing, Dorsey agreed to transfer his remaining 2.4% share in the firm he co-founded to Musk’s new holding company for Twitter, X Holdings I Inc. According to the filing, the value of Dorsey’s nearly 18 million shares is little more than $1 billion. That is money that Musk did not have to come up with in order to purchase the firm. The filing detailed:
“As of the Reporting Event Time, Mr. Dorsey beneficially owned an aggregate of 18,042,428 shares of Common Stock, which consisted of (i) 15,704,901 shares held of record by Mr. Dorsey, Trustee of The Jack Dorsey Revocable Trust u/a/d 12/08/2010 and (ii) 2,337,527 shares held of record by the Dorsey LLC, the sole manager of which is Jack Dorsey, and the sole member of which is The Jack Dorsey Remainder Trust #3 u/a/d 6/23/2010, as decanted. Mr. Dorsey had the sole power to vote and direct the disposition of all such 18,042,428 shares of Common Stock, which represented 2.4% of the Issuer’s outstanding shares of Common Stock.”
Dorsey’s friend Elon Musk bought Twitter for $44 billion last week by using Wall Street loans to pay for the deal. As part of the agreement, shareholders agreed to roll over their shares and give Musk a share in the company.
With shares no longer publicly traded, Twitter now has a new set of top investors.
Not only has the world’s largest cryptocurrency exchange Binance, invested $500 million in Musk’s mission to secure free speech, other notable investors are the prince of Saudi Arabia, Prince Alwaleed bin Talal who moved roughly $1.9 billion worth in shares at the $54.20 per share sale price, through his Kingdom Holding Co. fund.
Another $375 million was raised by a subsidiary of the sovereign wealth fund of Qatar.
Other big backers of Musk’s Twitter takeover include crypto-focused investment firms, Sequoia Capital Fund and Fidelity.