Jack Dorsey In For $978M Payday Once Elon Musk Completes Twitter Takeover

Former Twitter Inc TWTR CEO Jack Dorsey stands to earn close to $1 billion once Elon Musk completes his takeover of the social media platform.

What Happened: According to Twitter’s latest filing, Dorsey holds a little over 18 million shares in the company.

See Also: How To Buy Twitter (TWTR) Shares

Musk’s buyout offer of $54.20 per share would put Dorsey’s total earnings at $978 million. 

Dorsey appears to be largely in favor of a Musk-owned Twitter. Earlier today, he praised the Tesla Inc TSLA CEO’s goal of creating a platform that is "maximally trusted and broadly inclusive."

He also said that taking Twitter back from Wall Street is the correct first step and that Elon is the “singular solution” he trusts.

Other Twitter executives that stand to gain from Musk taking Twitter private include CEO Parag Agarwal and CFO Ned Segal that have a “change in control” clause in their contracts.

Price Action: According to data from Benzinga Pro, Twitter shares closed 5.66% higher on Monday at a price of $51.70.

Read Next: 'Everything In Its Right Place:' Jack Dorsey Reacts To Elon Musk's Twitter Takeover