jack dorsey: After Musk, Jack Dorsey slams Twitter’s board amid takeover push

San Francisco: As Tesla and SpaceX CEO Elon Musk pressured Twitter’s board to let them acquire the micro-blogging platform for $43 billion, its cofounder Jack Dorsey has finally broken the silence, calling the board “constant company dysfunction”. Labeled as “. ,

Dorsey, who left Twitter in November last year – handing over the reins to Indian-origin Parag Agarwal – with his 2.2% share, remains a board member until next month.

Responding to a Twitter user, Dorsey said late Sunday, “This (the board) has been a constant plight for the company.”

The former Twitter chief 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!”

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“Frankly speaking, their economic interests simply do not align with those of shareholders,” the Tesla chief posted.

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 the Twitter board should be more concerned about potential bidders other 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 a concern more about just me versus other potential bidders”.

With a 9.2% stake, Musk is one of Twitter’s largest shareholders.

Asset management firm Vanguard Group revealed last week that its funds now hold a 10.3% stake in Twitter, making it the largest shareholder.

Saudi Prince Al-Waleed bin Talal, who rejected Elon Musk’s offer, owns a roughly 5.2% stake in Twitter.

To prevent Musk from forcibly buying it, Twitter’s board has adopted a strategy of ‘poison pill’.

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