Jack Dorsey to hold stake in Twitter under Elon Musk's ownership

According to new filings with the U.S SEC, Jack Dorsey, former CEO of Twitter has agreed to rollover his remaining 2.4% stake in the company to Musk's new holding for Twitter, X Holdings I Inc.

The value of Dorsey's roughly 18 million shares is a little over $1 billion, according to the filing – that represents money that Musk did not have to come up with to acquire the company.

In May, reports from Forbes hinted that Dorsey would invest in Musk's takeover of Twitter, but he had yet to confirm any plans to do so or rollover his shares. According to the filing, Dorsey formally rolled his shares on Thursday, the same day Musk officially became the owner of Twitter.

Dorsey and Musk are said to be friends and the two extensively discussed Musk's takeover of Twitter, even before the Tesla billionaire moved to acquire it, according to private texts revealed as part of a Twitter lawsuit against Musk.

Musk is currently working to remodel Twitter and has ordered immediate changes to the verification process in order to boost the revenue of the social media platform. He's also looking to relaunch Vine and has a team of engineers working around the clock to meet new demands and introduce new features.