San Francisco: As Tesla and SpaceX CEO Elon Musk pressures the board of Twitter into letting him acquire the micro-blogging platform for $43 billion, its co-founder Jack Dorsey has finally broken his silence, calling the board “persistent dysfunction”. labeled as. of the company”.
Dorsey, who left Twitter in November last year – handing over the reins to Indian-origin Parag Agarwal – with his 2.2 per cent share, remains a member of the board till next month.
Responding to a Twitter user, Dorsey said late Sunday: “It (the Board) has been a consistent company laxity”.
The former Twitter CEO also concurred with venture capitalist Gary Tan, who posted that a badly run board could “literally make a billion dollars worth missing.”
When another Twitter user asked Dorsey if he was allowed to speak publicly about the board, he replied, “No.”
Musk said that “with Jack leaving, the Twitter board collectively holds almost no shares!”
Tesla’s CEO posted, “To be fair, their economic interests do not align with those of shareholders.”
Dorsey’s firm Block (formerly Square) is currently working on a hardware crypto wallet, a tool to help people “securely hold and manage their bitcoins”.
Meanwhile, Musk has said Twitter’s board should be concerned about more potential bidders than him, who have made a reasonable offer to acquire 100 percent of the micro-blogging platform for $43 billion.
He was reacting to a follower who said that the Twitter board had threatened to reduce its shareholder’s stake in the company which amounted to criminal negligence.
“In fairness to the Twitter board, this may be more of a concern than just me versus other potential bidders”.
Musk is one of Twitter’s largest shareholders with a 9.2 percent stake.
Asset management firm Vanguard Group revealed last week that its funds now hold a 10.3 per cent stake in Twitter, making it the largest shareholder.
The Saudi prince al-Waleed bin Talal, who turned down Elon Musk’s offer, has about 5.2 percent stake on Twitter.
To prevent Musk from forcibly buying it, Twitter’s board has adopted a strategy of ‘poison pill’.
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