Twitter founder Jack Dorsey apologizes to current and former employees after Elon Musk laid off half of the social media giant’s employees and says he’s “let the company grow too fast” – but keeps his stock worth $1 billion
- Twitter co-founder Jack Dorsey apologized Saturday after Elon Musk’s takeover, in which he laid off 3,700 employees out of around 7,500
- Dorsey said Twitter employees “always find a way, no matter how tough the moment,” but apologized that the company had grown “too fast.”
- He rolled his 18 million shares into the company’s new era, a 2.4 percent stake, equivalent to nearly $1 billion, rather than receiving a payout
- Dorsey previously endorsed Musk as the company’s next head, saying that taking him on is “the right way to go.”
- “Elon is the unique solution I trust,” Dorsey said in an April 2022 tweet. “I trust his mission to expand the light of consciousness.”
- Dorsey announced his post as CEO of Twitter last year, naming former chief technology officer Parag Agrawal as the new CEO prior to Musk’s purchase
Twitter co-founder Jack Dorsey took to the platform on Saturday and apologized to current and former employees after new boss Elon Musk’s mass layoffs led to the layoff of 3,700 of Twitter’s approximately 7,500 employees.
In his initial tweet about the acquisition, Dorsey said he was sorry the company had grown “too fast,” explaining that Twitter employees “always find a way, no matter how tough the moment.”
The co-founder rolled his 18 million shares into the Elon Musk-era company rather than receiving a payout. His shares correspond to approximately 2.4 percent of the shares in the company.
That means he’ll be one of Twitter’s biggest investors in the company, having contributed around $1 billion to Musk’s $44 billion purchase.
Twitter co-founder Jack Dorsey tweeted an apology that “the company had grown in size too quickly” after Elon Musk eviscerated the company’s workforce and laid off 3,700
3,700 of Twitter’s 7,500 employees were fired via email after Musk took over, but he defended the decision by saying the company was losing $4 million a day
He joins Saudi Prince Alwaleed bin Talal and the Investment Authority of Qatar as key investors.
Dorsey said he was sorry the company had grown “too fast,” explaining that Twitter employees “always find a way, no matter how tough the moment.”
“People at Twitter, past and present, are strong and resilient. You will always find a way, no matter how difficult the moment,” Dorsey wrote.
“I realize that many are angry with me. I am responsible for why everyone is in this situation: I increased the size of the company too quickly. I apologize for that,” he continued.
Dorsey faced backlash for quitting Twitter to work on his payments company Block, formerly known as Square.
He addressed the ill wishes in a subsequent tweet: “I am grateful and love everyone who has ever worked on Twitter. I don’t expect that to be mutual right now…or ever…and I get it.’
The laid-off employees were fired via email — a decision Musk defended by saying he had “no choice” because the company was losing $4 million every day.
Musk dissolved Twitter’s board of directors almost immediately after buying the company, leaving Dorsey as one of the few stakeholders with ties to the former leadership.
Dorsey named Parag Agrawal (pictured) as the new CEO when he left the company in November, but Agrawal’s tenure was short-lived after Musk bought the company
Though Agrawal facilitated much of the deal with Musk, Dorsey has previously been pro-Musk’s acquisition plans, calling it the “right way forward.”
The Tesla CEO has long said Twitter’s workforce is bloated and has ordered managers to ask workers where the company could save $500 million annually.
Court documents revealed that Dorsey had contacted Musk and discussed the company’s direction.
“A new platform is needed. It can’t be a company. That’s why I left,” he wrote to Musk.
When Musk asked him what the new model would look like, Dorsey replied that Twitter “never should have been the company” and that it was the “original sin.”
“I think it’s worth both trying to take Twitter in a better direction and doing something new that’s decentralized,” he said.
Dorsey famously left his post as Twitter’s CEO last year, naming former chief technology officer Parag Agrawal as the new CEO.
Though Agrawal facilitated much of the deal with Musk, Dorsey has previously supported Musk’s acquisition plans, calling it “the right way forward.”
“Elon is the unique solution I trust,” Dorsey said in an April 2022 tweet. “I trust his mission to expand the light of consciousness.”
Dorsey founded Twitter in 2006 with co-founders Biz Stone, Noah Glass and Evan Williams.
After steadily growing in popularity, the app went public in 2013.