Jack Dorsey breaks silence on Twitter board's 'dysfunction' over Elon Musk's $43 bn bid

Former Twitter CEO Jack Dorsey has opened up about Twitter’s board amid billionaire Elon Musk’s willingness to purchase the micro-blogging site. Dorsey broke his silence over the issue in reply to a tweet that read, "If 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 if it could be made into a Hollywood thriller one day". Dorsey seemingly agreed with the user as he replied, "it’s consistently been the dysfunction of the company".

It is worth noting that Dorsey, a member of the Twitter Board of Directors, owns 2.2% company stake. He handed over the micro-blogging site to Parag Agrawal in November 2021 and will serve as a board member till May. In a subsequent tweet, wherein a user asked if Dorsey was allowed to openly talk about this, he replied "No". Currently, Elon Musk owns 9.1% of Twitter's stake and had made an offer to buy 100% of the company last week for a whopping $43 billion. 

Dorsey joins others in highlighting Twitter board's shortcomings

The former Twitter CEO, on various instances, engaged with users and agreed with the shortcomings of the company board. Venture capitalist Garry Tan, who tweeted "The wrong partner on your board can literally make a billion dollars in value evaporate", won Dorsey's nod who replied "big facts". Recently, Twitter implemented its 'poison pill' tactic to block Musk's acquisition of the company by restricting all shareholders from buying over 15% stake. 

Earlier, Musk had said that the Twitter board "owns almost no shares" if Dorsey departs and that "their (board members') economic interests are simply not aligned with shareholders". Additionally, he had asserted that Twitter's 'poison pill' strategy would be "more of a concern about other potential bidders vs just me".

Currently, Musk is the second-largest shareholder after Vanguard Group surpassed him by purchasing 10.3% stake in the company. Interestingly, the billionaire, who bought over 73 million shares worth approximately $3 billion had said that he has a 'plan B' in case of a roadblock such as the current one. It remains to be seen what his next move under 'plan B' would be.

(Image: AP/Pixabay)