Former Twitter CEO Jack Dorsey slammed the board’s “dysfunction” as it handles billionaire Elon Musk’s offer to purchase the company.
“If [you] look into the history of Twitter board, it’s intriguing as I was a witness on its early beginnings, mired in plots and coups, and particularly amongst Twitter’s founding members. I wish it could be made into a Hollywood thriller one day,” a Twitter user posted Sunday on the platform.
Dorsey responded: “it’s consistently been the dysfunction of the company.”
Another Twitter user responded by asking if he’s allowed to publicly say that. Dorsey simply responded, “no.”
Musk offered to buy Twitter last week for $43 billion after saying he had become the company’s largest shareholder with a 9.2% stake. The Vanguard group soon surpassed him as the largest stakeholder after it reportedly acquired 10.3 percent of the company.
Twitter’s board said Friday that they would set up a plan to block Musk’s attempts to make the purchase.
Dorsey also responded to another tweet Saturday that quoted venture capitalist Fred Destin saying, “Good boards don’t create good companies, but a bad board will kill a company every time.”
“big facts,” Dorsey responded.
Dorsey currently sits on Twitter’s board, but will leave at the end of his term, which is scheduled in May at the 2022 meeting of shareholders.
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.”
