Jack Dorsey is Criticized Twitter’s Board Over This
Author By Sophia VidaPosted on The ex-CEO and founder of Twitter, Jack Dorsey, has criticized the company’s board in a series of tweets this past weekend.
The board is currently considering a $43 billion bid from Tesla CEO Elon Musk to buy the company and take it private.
Dorsey criticized the company’s board in a series of tweets on Sunday as the group is now tasked with evaluating a takeover bid from the billionaire.
Responding to another Twitter user describing the “plots and coups” that played out early on in the history of Twitter’s board, Dorsey replied, “it’s consistently been the dysfunction of the company.”
Dorsey still sits on Twitter’s board and is aiming to leave once his term expires at the 2022 meeting of shareholders, which is scheduled for next month.
In response to another tweet, he responded to a quote of venture capitalist Fred Destin citing what he called a “Silicon Valley proverb”: “Good boards don’t create good companies, but a bad board will kill a company every time.”
Dorsey responded, “big facts.”
The ex-CEO still sits on Twitter’s board but plans to leave once his term expires at the 2022 meeting of shareholders, which is scheduled for late May.
It was last Friday that Twitter’s board adopted a so-called poison pill — a limited duration shareholder rights plan that would allow shareholders to buy stock at a discount if any one person or entity amasses at least 15% of outstanding common stock without the board’s prior approval.
Musk recently revealed a more than 9% stake in the company before his takeover bid.
Dorsey had served an earlier stint as its CEO but was fired from the role in 2008 and replaced with another one of his co-founders. He returned to lead the company in 2015.
Musk tweeted Saturday that, with Dorsey leaving the board, “the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.”
Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.
