Former Twitter CEO & Bitcoin Proponent Jack Dorsey Slams Twitter Board.
Jack Dorsey, former CEO and co-founder of Twitter, has slammed the board behind the popular microblogging platform, following the recent move by Elon Musk to acquire a 100% stake in the company.
A Twitter user, with the username @trengriffin, made reference to the current situation of the platform by citing a so-called Silicon Valley proverb made by venture capitalist Fred Dustin’s, which reads:
“Good boards don’t create good companies, but a bad board will kill a company every time.”
Responding to the quote, Dorsey, who resigned from his position as Twitter CEO to focus on his Bitcoin-related company Square Inc., wrote “big facts,” in the comment section.
In the same thread, Dorsey also reacted to comments made by another user, @iHadrami_, describing the “plots and coups” that occurred in the early days of the social media company, which mostly occurred among the founding members of the company.
Reacting to @iHadrami’s comment, Dorsey noted that the plots and coups that mired the history of Twitter, especially among founding members, have “consistently been the dysfunction of the company.”
Musk’s Plans to Acquire Twitter
The world has been talking about Musk’s plan to take over Twitter by offering to buy the company for $43 billion, a move that would see the Tesla boss take the firm private.
Musk took advantage of the poison pill strategy adopted by the Twitter board on Friday. The newly-adopted strategy allows shareholders to buy a company’s stock at a discounted price if anyone acquires at least 15% of the outstanding common share without the board’s prior approval.
It is worth noting that prior to this move, Musk had initially disclosed that he has a 9% stake in the company before announcing his bid.
He noted that he is willing to buy a unit of Twitter share for $54.20, adding that if his bid is rejected, he would be forced to reconsider his investment.
Dorsey Stints as Twitter CEO
Meanwhile, before the intriguing development, Dorsey, who also co-founded Twitter, was CEO of the company in the early days. However, he was fired from the position in 2008 and later returned in 2015.
Dorsey resigned as CEO last year and plans on leaving the board by the end of May. With Dorsey finally leaving the Twitter board, “the Twitter board collectively owns almost no shares” and “their economic interests are not aligned with that of shareholders,” Musk tweeted.