Elon Musk will pay Jack Dorsey roughly $975 million in cash at the purchase price of $54.20 per share (technically, from a consortium of banks loaning money to Elon using his Tesla shares as collateral).
When Jack pays 13 percent to the state of California and 20 percent to the IRS, his windfall will be reduced.
Jack’s net gain on this transaction after taxes will be about $653 million.
Now does he still own his own company?
Does Jack Dorsey still own Twitter?
Dorsey, who took Twitter public in 2013 and holds a 2.36 percent share in the firm as of 2022.
Per Twitter’s latest SEC filings, Jack Dorsey controlled around 18 million shares in Twitter prior to the Elon buyout.
In other words, Jack only controlled around 2% of Twitter’s total outstanding shares or 2% of the firm overall.
How much is Jack Dorsey shares in Twitter?
Dorsey holds 2.4 percent of the corporation (Twitter), or around 18,042,428 shares, which Musk would purchase for $54.20 apiece.
Twitter co-founder Jack Dorsey, who stepped down as CEO late last year, has long refused to accept compensation from the social media network, instead of accepting a de minimis $1.40 yearly income.
