Jack Dorsey, the former Twitter CEO who stepped down from his role last year has now opened up about Elon Musk’s recent offer to buy Twitter for $54.20 per share in cash. This results in a total value of $43 billion. The former CEO of the microblogging platform has slammed the Twitter board and called it a weakness of the company.
In a reply to a Twitter user over the weekend, Jack Dorsey referred to the board as “consistently the dysfunction of the company”. However, he remains a board member till next month with a 2.2 per cent share. Further, Dorsey agreed with venture capitalist Gary Tan where he says that a badly run board “can literally make a billion dollars in value disappear”. When another Twitter user asked Dorsey if he was allowed to speak publicly on the matter, his clear answer was a ”No”.
Recalling the recent events, Elon Musk became the highest stakeholder in Twitter with a 9.1% share in the company. He was then invited by Twitter to be a board member. However, in a major reversal, on April 9, Elon said no to the Twitter board, the reason for which is still unknown.
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On April 15, Musk made an offer to buy 100% of Twitter for $43 billion which he said in a filing with the U.S. Securities and Exchange Commission was his “best and final offer” and if it is not accepted, he would need to reconsider his position as a shareholder.
He also said that the microblogging site has “extraordinary potential”, which he wants to unlock. However, Twitter’s board of directors later issued a new “shareholder rights plan” to deny Musk’s offer. Musk recently made a comment where he stated that “with Jack departing, the Twitter board collectively owns almost no shares!”. “Objectively, their economic interests are simply not aligned with shareholders,” he also said.