Dorsey wanted Musk on Twitter board, but directors were ‘risk averse’

Spread the love


Elon Musk has served August 22, 2022 former Twitter boss Jack Dorsey with a subpoena in a hunt for material to help him get out of buying the giant social media platform for $44 billion as agreed.

Jim Watson | AFP | Getty Images

Before the current legal saga between Twitter and billionaire Elon Musk played out in public, ex-Twitter CEO Jack Dorsey wanted Musk on the social media company’s board. But he didn’t see the other directors going along with him, a court filing Thursday revealed.

In a text message to Musk on March 26, Dorsey wrote, “the board is just super risk averse and saw adding you as more risk.” A little over a week later, Musk did announce plans to join the board, before he changed course and offered to buy the company.

See also  How to Fix "Unable to find a valid license of Diablo IV"

Soon after agreeing to purchase Twitter for $44 billion, Musk again changed direction and tried to back out of the deal. Twitter is suing to try and force him to hold up his end of the agreement. The two sides are set to go to Delaware Chancery Court in mid-October.

In the court filing, which is partially redacted, Dorsey said he thought the board’s approach “was completely stupid and backwards.” But, he explained, his power was limited because “I only had one vote, and 3% of company, and no dual class shares. Hard set up.”

The two billionaire entrepreneurs had been discussing Dorsey’s idea that Twitter should be “an open source protocol” funded by a foundation, rather than a company. Musk responded that the idea was “Super interesting.”

See also  Microsoft Just Gave Meta Platforms a Big Vote of Confidence

Dorsey said he planned to “do this work and fix our mistakes” once he was off the Twitter board in mid-May, saying that becoming a company was Twitter’s “original sin.”

“I’d like to help if I am able to,” Musk replied.

Dorsey told Musk he’d wanted to talk with him about the idea “after I was all clear,” adding that he’d even tried to get Musk on the board, “back when we had the activist come in.” Dorsey said that at the time, “our board said no” to the proposal.

While Dorsey didn’t specify what he meant by activist, the company was in a battle in early 2020 with activist investment firm Elliot Management, whose founder Paul Singer sought to replace Dorsey as CEO due to his split attention running both Twitter and Square (now Block). Twitter reached a deal with Elliot and Silver Lake that allowed Dorsey to keep his job.

See also  Instagram Scales Back In-Stream Shopping Elements as it Re-Examines its Approach

After the board said no to adding Musk, according to Dorsey, “That’s about the time I decided I needed to work to leave, as hard as it was for me.”

Subscribe to CNBC on YouTube.

WATCH: How Elon Musk’s Twitter takeover plans shook Wall Street and social media

best barefoot shoes

Source link

Neon-lit text graphic reading "social schmuck" with a retro style.
Website | + posts
  • Related Posts

    How to Qualify for MemeFi Retrodrops Next Time! Video Code

    Spread the love

    Spread the love MemeFi is an innovative Web3 Social Tech game that seamlessly integrates a dynamic social economy layer with engaging PvP (Player versus Player) and PvE (Player versus Environment)…

    Read more

    Facebook Audience Insights: A Comprehensive Infographic

    Spread the love

    Spread the love Despite the rise of platforms like TikTok and the entertainment dominance of Instagram, Facebook continues to hold its ground as the leading social media platform in terms…

    Read more

    You Missed

    Trump’s Election 2024 Win: Celebrities Share Their Reactions

    Trump’s Election 2024 Win: Celebrities Share Their Reactions

    How to Qualify for MemeFi Retrodrops Next Time! Video Code

    How to Qualify for MemeFi Retrodrops Next Time! Video Code

    TikTok Shut Down in Canada Over National Security Concerns

    TikTok Shut Down in Canada Over National Security Concerns

    Facebook Audience Insights: A Comprehensive Infographic

    Facebook Audience Insights: A Comprehensive Infographic

    Apple’s Alleged App Store Monopoly Tactics Could Lead to Massive Fine

    Apple’s Alleged App Store Monopoly Tactics Could Lead to Massive Fine

    Qualify for Retrodrops with MemeFi Next Time! Video Guide

    Kamala Harris Congratulates President-Elect Donald Trump

    Kamala Harris Congratulates President-Elect Donald Trump

    LG C4 OLED Early Black Friday Deal: Save $1,300 Now

    LG C4 OLED Early Black Friday Deal: Save $1,300 Now

    Reddit Growth: New Opportunities for Brands to Explore

    Reddit Growth: New Opportunities for Brands to Explore

    Blum Node Sales: Crypto Video Code Insights

    Blum Node Sales: Crypto Video Code Insights

    java burn weight loss with coffee

    This will close in 0 seconds