Dorsey criticized the board in response to a post in which a user mocked that the company’s “early start” was “immersed in conspiracies and coups” among its founders. “The company is constantly failing,” Dorsey said. Later, when asked by another user if he was “allowed to say that” about the Twitter board, Dorsey replied “no.” In another tweet, Dorsey responded to a user who quoted venture capitalist Fred Destin as praising a “Silicon Valley proverb” that says, “Good advice does not create good companies, but a bad board will kill a company every time.” ». “Great events,” Dorsey replied. Jack Dorsey resigned as CEO of Twitter last November. Bloomberg via Getty Images Jack Dorsey owns just over 2% of Twitter shares. Bloomberg via Getty Images is the firm malfunction of the company – jack⚡️ (@jack) April 17, 2022 The tweets were some of the most direct criticism to date of Dorsey, who resigned from his second term as Twitter CEO last November. Dorsey is also leaving Twitter’s board of directors when his current term at the company’s annual shareholders’ meeting ends in late May. Dorsey has not yet commented directly on Musk’s offer to buy Twitter. Musk offered to buy Twitter at $ 54.20 a share last week after withdrawing from the deal to take a seat on the company’s board following disagreements over the company’s future. Before the deal collapsed, Dorsey wrote on Twitter that he was “really happy” that Musk would join the board. I’m very happy that Elon is on the Twitter board! He cares deeply about our world and Twitter’s role in it. Parag and Elon are leading with their hearts and will be an incredible 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 Twitter’s board after enacting a “poison pill” provision to limit its ability to acquire more shares. The CEO of Tesla asked the board of directors of Twitter to allow shareholders to vote for his offer. 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 leaving, the Twitter board collectively owns almost no shares! “Objectively, their financial interests simply do not align with the shareholders,” Musk said. Board’s salary will be $ 0 if my bid is successful, so ~ $ 3 million / year is saved right there – Elon Musk (@elonmusk) April 18, 2022 In another tweet, Musk said he would cut all board members’ salaries to zero if his offer was accepted. Investor Gary Black had suggested that Twitter board members could oppose Musk’s offer because he would miss a payday. Musk owns about 9% of Twitter, while Dorsey owns just over 2.2%, according to FactSet citing CNBC. It is unclear how Musk will proceed if Twitter rejects his offer, although he said last week that he has a “plan B” in mind – which could include offering directly to shareholders.
