Twitter founder and former CEO Jack Dorsey left the company’s board of directors on Sunday – even as troubled executives are embroiled in a debate over whether to accept billionaire Elon Musk’s $ 43 billion offer to buy the social media platform.
Dorsey criticized the board in response to a post in which a user jokingly said that the “early start” of the company was “mired in conspiracies and coups” among its founders.
“It’s a constant dysfunction of the company,” Dorsey said.
Later, when another user asked if he was “allowed to say that” about the Twitter board, Dorsey said no.
In another tweet, Dorsey responded to a user who quoted venture capitalist Fred Destin, who praised the “Silicon Valley proverb” which said, “Good boards don’t make good companies, but a bad board will kill a company every time.”
“Great facts,” Dorsey said.
Jack Dorsey stepped down as Twitter’s chief executive last November. Bloomberg through Getty Images Jack Dorsey owns just over 2% of Twitter. Bloomberg via Getty Images
this is a constant dysfunction of the company
– jack⚡️ (@jack) April 17, 2022
The tweets were one of the most outspoken criticisms so far from Dorsey, who resigned from his second post as Twitter’s chief executive last November. Dorsey also left Twitter’s board of directors when his current term expires at the company’s annual shareholders’ meeting in late May.
Dorsey has not yet commented directly on Musk’s offer to buy Twitter.
Musk offered to buy Twitter for $ 54.20 a share last week after giving up an agreement to take a seat on the company’s board after disagreements over the company’s future. Before the deal fell apart, Dorsey tweeted that he was “really happy” that Musk would join the board.
I’m really happy that Elon is joining the Twitter board! He is deeply concerned about our world and the role of Twitter in it.
Parag and Elon lead with their hearts and will be an amazing team. https://t.co/T4rWEJFAes
– jack⚡️ (@jack) April 5, 2022 Elon Musk offered to buy Twitter for $ 43 billion.AFP via Getty Images
Musk, meanwhile, has stepped up his own criticism of the Twitter board after it passed a “poison pill” provision to limit its ability to acquire more shares. Tesla’s chief executive has asked the Twitter board to allow shareholders to vote on his proposal.
The billionaire responded to a user who shared a chart showing that Twitter chairman Brett Taylor and other board members owned only a small portion of the company’s stock.
“Wow, with Jack’s departure, the Twitter board collectively owns almost no shares! “Objectively, their economic interests are simply not in line with shareholders,” Musk said.
The salary on board will be $ 0 if my offer succeeds, so that’s ~ $ 3 million / year saved right there
– Elon Musk (@elonmusk) April 18, 2022
In another tweet, Musk said he would cut the salaries of all board members to zero if his proposal was accepted. Investor Gary Black has suggested that Twitter’s board members may oppose Musk’s offer because they would lose a salary.
Musk owns approximately 9 percent of Twitter, while Dorsey owns just over 2.2 percent, according to FactSet, quoted by CNBC.
It is unclear how Musk will proceed if Twitter rejects his offer, although last week he said he meant “Plan B” – which could include a tender offer directly to shareholders.
Add Comment