Jack Dorsey has rolled his entire stake of Twitter shares, worth nearly $1bn at the buyout price of $54.20, into the privately held company he founded, which is now controlled by Elon Musk.
Regulatory filings show Dorsey, who was Twitter’s chief executive until late last year, rolled over some 18mn shares into the private company, making him one of its biggest shareholders.
The news comes as Musk has moved swiftly to stamp his mark on the platform, firing top executives including Dorsey’s successor, Parag Agrawal, planning for broader lay-offs and ordering a revamp of the verification process.
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