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‘Twitter has always been for sale,’ Dorsey reacts to Elon Musk’s takeover bid

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Twitter ban on political adverts prompts calls for Facebook to do same

The founder of Twitter, Jack Dorsey, has waded into the hostile takeover drama involving billionaire businessman, Elon Musk and the board of the social media platform.

Ripples Nigeria reported that Musk had moved to acquire a 100 percent stake in Twitter.

After initially acquiring 9.1 percent shares in the microblogging platform last month, he offered about $40 billion to complete the deal.

The South African declared that if Twitter board reject his takeover bid, he would withdraw his $3.29 billion investment in the firm, a move that would crash the social media’s market share.

The board refused to accept his demand, and one of its investors, Vanguard Group, had increased its investment in Twitter to become the largest stakeholder, displacing Musk at the top.

READ ALSO: Saudi Arabia moves to block Elon Musk’s Twitter takeover plan

Another major investor, Saudi Arabia’s Kingdom Holding Company, also publicly rejected his offer.

However, Dorsey insisted that Twitter has always been up for sale because it is a private company. He also denied his exit from Twitter was due to Musk’s interest in the platform.

“As a public company, Twitter has always been for sale. That’s the real issue. I wasn’t pushed out. I left,” Dorsey said on his Twitter handle Friday.

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