• Twitter cofounder Jack Dorsey tweeted that Elon Musk is the "singular solution" to lead the company.
  • He said taking Twitter private and back from Wall Street is the "correct first step."
  • Dorsey has been supportive of Musk's buyout of Twitter, and has a good relationship with him.

Twitter cofounder Jack Dorsey has thrown his support behind Elon Musk's $44 billion bid to buy the social media platform, saying that the Tesla tycoon is the "singular solution" he trusts to lead the company.

In a series of tweets shared on Tuesday, Dorsey threw his weight behind Musk's vision for Twitter, saying that his goal of making the platform "maximally trusted and broadly inclusive" is the "right one."

 

Dorsey, who stepped down as CEO in November, said, "Twitter is the closest thing we have to a global consciousness."

Echoing a view where some public companies cite distractions from regulatory requirements and shareholder activism as reasons to go private, Dorsey expressed regret that Twitter was operating as a public company and said, "taking it back from Wall Street is the correct first step."

"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," Dorsey wrote.

"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," he said.

"Elon's goal of creating a platform that is 'maximally trusted and broadly inclusive' is the right one," he added. 

Dorsey said current Twitter CEO Parag Agrawal had the same vision, which was why he handed over the company's reins to Agrawal in November.

Addressing Agrawal and Musk, he said: "Thank you both for getting the company out of an impossible situation. This is the right path...I believe it with all my heart."

Since leaving his post as CEO in November, Dorsey has vocally supported Musk's attempt to buy out Twitter while nurturing a budding "bromance" with the Tesler founder over their shared love of cryptocurrencies.

But while Dorsey backed Musk, many of Twitter's current employees expressed concern over Musk's takeover, and are planning to exit the platform. One former Twitter exec told Insider employees were worried about Musk's tendencies toward "hot takes" and "knee-jerk reactions."

"Musk taking over is a bad outcome," the former executive told Insider's Kali Hays. "He doesn't get it and employees are concerned that he doesn't get it."

Dorsey did not immediately respond to Insider's requests for comment.

 

Read the original article on Business Insider

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