Jack Dorsey who founded Twitter and is a member of the company’s board seems to not be taking the board’s side on the recent Elon Musk-Twitter Board saga following the billionaire’s intention to acquire the company for $54.20 per share.
In a series of tweets, Jack Dorsey who isn’t openly supporting Elon Musk’s plans to buy Twitter has been talking down on the company’s board.
Last week, for instance, one of his tweets said that Twitter’s board has “consistently been the dysfunction of the company.” Another he tweeted on the 16th reads “As a public company, Twitter has always been ‘for sale.’ That’s the real issue.”
as a public company, twitter has always been "for sale." that's the real issue.
— jack (@jack) April 15, 2022
While responding to a tweet asking him about not fixing these shortcomings of Twitter while he was CEO, he replied that “So much to say… but nothing that can be said,” while expressing frustration.
The tweets of the former CEO have both been controversial and enlightening at the same time since Elon Musk declared his plan to buy Twitter.
Elon Musk’s intention to acquire twitter at a grand price of $43 billion has been blocked, at least for now, with a “poison pill” which Twitter’s board announced last week Friday. The poison pill which is set to expire by April 14th, 2023 means that while it is active if any individual or group acquires beneficial ownership of at least 15 percent of the company’s outstanding common stock without the board’s approval, other shareholders will be allowed to buy additional shares at a discounted rate.
The former CEO is also expected to step down from the company’s board soon. Replying to a tweet that contained speculation of when he’d be stepping down from the board, he replied that “Already announced full resignation from the company, including board, back in Nov.”
already announced full resignation from company, including board, back in Nov.
— jack (@jack) April 16, 2022
“I really wish I could break through all the abstraction here and answer you but alas and woe,” another tweet read.
Elon Musk is looking to make changes to Twitter. Apart from declaring his intention to privatize Twitter, he also announced that members of the board will get zero compensation which will save the company about $3 million annually.
Earlier this month, the former CEO expressed his happiness at the news that Elon Musk would be joining the company’s board before Elon Musk declined the offer. His tweet read “I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it…”
I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it.
Parag and Elon both lead with their hearts, and they will be an incredible team. https://t.co/T4rWEJFAes
— jack (@jack) April 5, 2022