Jack Dorsey makes N405.3bn after Elon Musk acquires Twitter

Founder and former Chief Executive Officer of Twitter, Jack Dorsey, made a whooping N405.3 billion ($977.8 million) after the world’s richest man, Elon Musk, acquired the social media company on Monday.

Ripples Nigeria had reported that the board of Twitter met with Musk early hours of Monday, but the deal was confirmed to have been accepted later in the day by the billionaire businessman.

Musk had acquired Twitter with over $43 billion after sourcing $46.5 billion from banks to finance the deal. The Tesla and SpaceX boss is worth $268.2 billion as of April 25, 2022.

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Following the completion of the acquisition, Ripples Nigeria understands that Dorsey made N405.3 billion (based on official market exchange rate) from the deal, as Musk paid $54.20 per share to investors holding Twitter’s stock.

Dorsey held 18.04 million shares in Twitter before his exit as CEO in November last year, making him one of the top ten largest shareholders in the social media platform prior to the acquisition.

Dorsey is the 356th richest person on earth. He is valued at $6.8 billion by Forbes, and currently heads Block, formerly known as Square, a payment company in the United States.

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