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Twitter founder Jack Dorsey says SORRY to current and ex-employees after Elon Musk fired 3,700 staff

Twitter founder Jack Dorsey says SORRY to current and ex-employees after Elon Musk fired half of the social media giant’s staff, saying he’s ‘grow the company too fast’ – but keeps his $1 billion in stock

  • Twitter co-founder Jack Dorsey tweeted an apology on Saturday after the Elon Musk acquisition, firing 3,700 of its 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 fast’
  • He rolled his 18 million shares into the company’s new era, a 2.4 percent stake that equates to nearly $1 billion, rather than making a payout
  • Dorsey previously endorsed Musk as the company’s next leader, saying it’s “the right path” to take him over.
  • “Elon is the only solution I trust,” Dorsey said in an April 2022 tweet. “I trust his mission to expand the light of consciousness”
  • Dorsey famously left his post as CEO of Twitter last year, naming former chief technology officer Parag Agrawal the new CEO before purchasing Musk.

Twitter co-founder Jack Dorsey took to the platform on Saturday and apologized to current and ex-employees after the massive layoffs of new boss Elon Musk saw 3,700 of Twitter’s roughly 7,500 employees laid off.

In his first tweet about the acquisition, Dorsey said he was sorry the company was growing “too fast” and stated that Twitter employees “always find a way, no matter how difficult the moment.”

The co-founder rolled over his 18 million shares into the company’s Elon Musk era rather than making a payout. His shares correspond to an approximately 2.4 percent stake in the company.

This means he will be one of Twitter’s largest investors in the company, contributing roughly $1 billion to Musk’s $44 billion purchase.

Twitter co-founder Jack Dorsey tweeted an apology for growing ‘company size’ too quickly after Elon Musk stripped the company’s workforce and laid off 3,700

3,700 of Twitter’s 7,500 employees were emailed off after Musk took over, but he defended the decision by saying the company is losing $4 million a day

He joins Saudi Prince Alwaleed bin Talal and the Qatar Investment Authority as major investors.

Dorsey said he was sorry the company was growing “too fast” and stated that Twitter employees “always find a way, no matter how difficult the moment.”

“People 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 that many are angry with me. I myself am responsible for why everyone is in this situation: I have grown the company size too fast. My apologies for that,” he continued.

Dorsey has faced backlash over his decision to leave Twitter to work on his payment company Block, formerly known as Square.

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He expressed the ill-wishers 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 at this point…or ever…and I understand.”

The laid-off employees were fired by email — a decision Musk defended by saying he had “no choice” because the company was losing $4 million a day.

Musk almost immediately disbanded Twitter’s board of directors upon purchasing the company, leaving Dorsey one of the few stakeholders with ties to the previous leadership.

Dorsey named Parag Agrawal, pictured, the new CEO when he left in November, but Agrawal’s tenure was short-lived after Musk bought the company

While Agrawal has facilitated much of the deal with Musk, Dorsey has previously been supportive of Musk’s acquisition plans, calling it “the right path.”

Tesla’s CEO has long said Twitter’s workforce was bloated and instructed executives to ask employees where the company could save $500 million annually.

Court files revealed that Dorsey had contacted Musk and discussed the direction of the company.

‘A new platform is needed. It can’t be a business. That’s why I left,” he texted Musk.

When Musk asked him what the new model should look like, Dorsey replied that Twitter “should never have been the company” and that that was the “original sin.”

“I think it’s worth trying to steer Twitter in a better direction and do something new that’s decentralized,” he said.

Dorsey famously left his post as CEO of Twitter last year, appointing former chief technology officer Parag Agrawal as its new CEO.

While Agrawal has facilitated much of the deal with Musk, Dorsey has previously been supportive of Musk’s acquisition plans, calling it “the right path.”

“Elon is the only 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 its popularity increased consistently, the app went public in 2013.

Jacky

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