Elon Musk Gives Twitter Investors Hope

As Jack Dorsey leaves the company's board of directors
By Evann Gastaldo,  Newser Staff
Posted May 26, 2022 12:54 AM CDT
Jack Dorsey Leaves Twitter Board of Directors
The logo for Twitter appears above a trading post on the floor of the New York Stock Exchange on Nov. 29, 2021.   (AP Photo/Richard Drew, File)

Jack Dorsey left Twitter's board of directors Wednesday, in a move that had been planned and announced when Dorsey resigned as CEO in November. Dorsey is the last of the social network's founders to cut formal ties with the company, NBC News reports. His term on the board expired at the company's 2022 shareholders' meeting Wednesday. He had also been CEO of the company twice. He is currently the CEO of Block, the payments company formerly known as Square.

Dorsey had seemed to endorse the sale of Twitter to Elon Musk, which the board unanimously approved last month, and on Wednesday, Musk revised the financing plan for that proposed purchase, raising investors' hopes that the Tesla and SpaceX CEO still wants to see the sale through after weeks of uncertainty. The AP explains the details of the revision like so: "The financing changes outlined in a regulatory filing would shave $6.25 billion from the lending package Musk had previously lined up for the Twitter buyout. That means Musk will need to raise that sum in stock commitments instead of debt. That would bring the equity—that is, stock-based—portion of the deal to $33.5 billion, up from the $27.25 billion Musk disclosed three weeks ago." Musk is apparently trying to get Dorsey to "throw his stock into the financing package." (More Jack Dorsey stories.)

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