Elon Musk has attempted to use Twitter’s platform against itself, unleashing a series of scathing tweets aimed at the board, after they moved to build up defenses against Elon Musk’s hostile takeover bid on Friday. The directors were portrayed as reckless in rejecting his advances in those texts.
What’s more remarkable is who else was tweeting about Twitter: Jack Dorsey.
The Twitter co-founder stepped down as CEO in November but is still on the board of directors until next month.
Dorsey described the board as consistently the company’s dysfunction. He agreed with venture capitalist Gary Tan’s remark that a poorly administered board can make a billion dollars in value evaporate.
Dorsey had a straightforward answer when another Twitter user inquired if he was authorized to talk openly. “No,” he stated emphatically.
Musk used their minuscule ownership of Twitter stock to cast the board as out of touch with the company’s best interests.
Musk said that since Jack left, the Twitter board holds nearly no shares, and their economic interests are objectively not linked with those of shareholders. (They wouldn’t be able to pass on Musk’s fantastic offer for the company if they were major shareholders, in Musk’s opinion.)
Tesla CEO Elon Musk has offered to purchase Twitter for $54.20 per share, valuing the firm at over $43 billion. The board approved a poison pill strategy, allowing them to sell stock and decrease Musk’s holdings. The board isn’t interested in Musk’s offer.
On the other hand, Twitter may choose a so-called white knight defense approach, in which it looks for a buyer who is a better match for the company.
It’s worth emphasizing that there’s no indication that Musk and Dorsey colluded over the weekend’s tweets. However, an unexpected or unofficial campaign by two of the most crucial participants in this battle—who has a Twitter following of 90 million people—could play a significant part in swaying public opinion against the board.
Dorsey’s conflict with Twitter’s board of directors dates back to the company’s inception. It fired Dorsey and installed Williams as CEO in 2008. Williams was removed by then-chief operating officer Dick Costolo in a boardroom coup in 2010. With Twitter’s price dropping five years later, Costolo quit, and Dorsey returned.
Dorsey has been a vocal advocate for decentralizing social media in recent years, but it’s unclear what those aims are. To research the concept, Dorsey is supporting a Twitter-based startup named Bluesky.