Elon Musk Leads With His Heart: Jack Dorsey Reacts To Twitter Stake

Twitter Inc TWTR co-founder Jack Dorsey on Tuesday said Elon Musk — a fresh backer of the microblogging site — leads with his heart, prompting the Tesla Inc TSLA CEO to exchange pleasantries.

What Happened: Dorsey said he was happy that Musk was joining the Twitter board. “He cares deeply about our world and Twitter’s role in it.”

Dorsey said that Twitter CEO Parag Agrawal and Musk both “lead with their hearts, and they will be an incredible team.”

Musk responded to Dorsey saying “Thanks Jack!”

See Also: How To Buy Twitter (TWTR) Shares

Why It Matters: On Monday, a filing revealed that Musk had acquired a 9.2% stake in Twitter, having purchased 73,486,938 shares worth $2.89 billion.

Dorsey resigned as Twitter CEO in November 2021 and the then chief technology officer, Agrawal, succeeded him.

Musk had expressed support for Dorsey’s continuation as CEO in March 2020 after the activist investor Elliott Management Corporation took a stake in Twitter and sought his ouster.

“Just want [to] say that I support [Dorsey] as Twitter CEO. He has a good [heart]," said Musk at the time.

Dorsey is currently the CEO of Block Inc SQ, known for its CashApp — which also supports trade in cryptocurrencies like Bitcoin BTC/USD. Musk is known to be a Dogecoin DOGE/USD aficionado.

Price Action: On Tuesday, Twitter shares closed 2% higher at $50.98 in the regular session and rose 0.35% in the after-hours trading. On the same day, Tesla shares fell 4.7% in regular trading to $1,091.26 and declined 0.3% in the after-hours trading, according to Benzinga Pro data. 

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