Dorsey sold a digitally autographed version of the the tweet, which he sent on March 21, 2006, and reads "just setting up my twttr."
The sale was accomplished through digital platform Valuables, which platform allows tweets autographed by their creators to be bought and sold.
Bridge Oracle CEO Sina Estavi bought the tweet after getting into a bidding war with tech entrepreneur Justin Sun.
"This is not just a tweet! I think years later people will realize the true value of this tweet, like the Mona Lisa painting," Estavi said on Twitter.
Dorsey said on Twitter that he will convert the money made from the tweet into Bitcoin and donate it to the charity GiveDirectly, which helps those in Africa who live in poverty.