Twitter founder Jack Dorsey says SORRY to current and ex-employees after Elon Musk fired half of social media giant’s staff and says he ‘grew the company too quickly’ – but keeps his $1 billion in shares
- Twitter co-founder Jack Dorsey tweeted an apology on Saturday after Elon Musk’s takeover, which saw him fire 3,700 of roughly 7,500 employees
- Dorsey said Twitter employees ‘always find a way no matter how difficult the moment,’ but apologized for growing the company ‘too quickly’
- He rolled over his 18 million shares into the new era of the company, a 2.4 percent stake that equals almost $1 billion, rather than taking a payout
- Dorsey previously endorsed Musk as the next leader of the company and said having him take over is ‘the right path’
- ‘Elon is the singular solution I trust,’ said Dorsey in an April 2022 tweet. ‘I trust his mission to extend the light of consciousness’
- Dorsey famously left his post as CEO of Twitter last year, and named former chief technology officer Parag Agrawal the new CEO before Musk’s purchase
Twitter co-founder Jack Dorsey took to the platform on Saturday and apologized to current and ex-employees after new boss Elon Musk‘s mass layoffs saw 3,700 of Twitter’s approximately 7,500 employees fired.
In his first tweet addressing the takeover, Dorsey said he was sorry for growing the company ‘too quickly’ and declared that Twitter employees ‘always find a way no matter how difficult the moment.’
The co-founder rolled over his 18 million shares into the Elon Musk era of the company rather than taking a payout. His shares equal approximately a 2.4 percent stake in the company.
This means he will be one of Twitter’s biggest investors in the company, and contributed roughly $1 billion to Musk’s $44 billion purchase.
Twitter co-founder Jack Dorsey tweeted an apology on Saturday for growing ‘the company size too quickly’ after Elon Musk gutted the company’s workforce, firing 3,700
3,700 of Twitter’s 7,500 employees were laid off by email after Musk took over, but he defended the decision by saying the company loses $4 million a day
He joins Saudi Prince Alwaleed bin Talal and Qatar’s Investment Authority as major investors.
Dorsey said he was sorry for growing the company ‘too quickly’ and declared that Twitter employees ‘always find a way no matter how difficult the moment.’
‘Folks at Twitter past and present are strong and resilient. They will always find a way no matter how difficult the moment,’ Dorsey wrote.
‘I realize many are angry with me. I own the responsibility for why everyone is in this situation: I grew the company size too quickly. I apologize for that,’ he continued.
Dorsey has faced backlash for his decision to abandon Twitter to work on his payments company Block, formerly known as Square.
He addressed the ill-wishes in a subsequent tweet: ‘I am grateful for, and love, everyone who has ever worked on Twitter. I don’t expect that to be mutual in this moment…or ever…and I understand.’
The employees that were fired were laid off by email – a decision Musk defended by saying he had ‘no choice’ because the company was losing $4 million a day.
Musk almost immediately dissolved Twitter’s board of directors upon purchasing the company, leaving Dorsey as one of few stakeholders with ties to previous leadership.
Dorsey named Parag Agrawal, pictured, the new CEO when he left in November, but Agrawal’s tenure was short-lived after Musk purchased the company
Though Agrawal facilitated much of the deal with Musk, Dorsey was previously in favor of Musk’s takeover plans and called it ‘the right path’
The Tesla CEO has long said Twitter’s workforce was inflated and ordered managers to ask workers where the company could cut $500 million annually.
In court filings, Dorsey was revealed to have contacted Musk and discussed the direction of the company.
‘A new platform is needed. It can’t be a company. This is why I left,’ he texted Musk.
When Musk asked him what the new model should look like, Dorsey responded that Twitter ‘should never have been the company’ and that was the ‘original sin.’
‘I think it’s worth both trying to move Twitter in a better direction and doing something new that’s decentralized,’ he said.
Dorsey famously left his post as CEO of Twitter last year, and named former chief technology officer Parag Agrawal the new CEO.
Though Agrawal facilitated much of the deal with Musk, Dorsey was previously in favor of Musk’s takeover plans and called it ‘the right path.’
‘Elon is the singular solution I trust,’ said Dorsey in an April 2022 tweet. ‘I trust his mission to extend the light of consciousness.’
Dorsey founded Twitter in 2006 along with co-founders Biz Stone, Noah Glass and Evan Williams.
After popularity consistently increased, the app went public in 2013.