Jack Dorsey breaks silence on Elon Musk offer to buy Twitter
Jack Dorsey breaks silence on Elon Musk offer to buy Twitter
Responding to a Twitter user over the weekend, Twitter co-founder and former CEO Jack Dorsey referred to the board as “consistently the dysfunction of the company.”
Jack Dorsey breaks silence on Elon Musk’s offer to buy Twitter – HIGHLIGHTS
- Jack Dorsey has finally opened up on Elon Musk’s offer to buy Twitter.
- Tesla’s CEO proposed an offer to buy Twitter for $54.20 per share in cash.
- Dorsey stepped down as Twitter CEO last year.
Twitter co-founder and former CEO Jack Dorsey have finally opened up on Elon Musk’s offer to buy Twitter for $43 billion. Last week, the Tesla CEO offered to buy the microblogging site for $54.20 per share in cash. In a major blow to the billionaire’s efforts to take full control of Twitter, the board of directors has issued a new “shareholder rights scheme” to block Musk’s offer.
Last year, Dorsey stepped down as Twitter CEO, handing over the responsibility to Parag Agarwal. Responding to a Twitter user over the weekend, Dorsey referred to the board as “persistent company dysfunction.” He will continue to be a member of the board till next month with his 2.2 per cent stake.
Dorsey also agreed with venture capitalist Gary Tan that a badly run board could make “literally a billion dollars worth of missing out”. When another Twitter user asked him if he was allowed to speak publicly on the matter, he apparently said “no.”
Musk recently said, “With Jack leaving, the Twitter board collectively holds almost no shares!” He also said, “Frankly, their economic interests do not align with those of shareholders.”
Last week, Musk offered to buy a 100% stake in Twitter for $43 billion, or $54.20 per share. And all this in cash. In a filing with the US Securities and Exchange Commission, Musk said, “My offer is my best and final offer and if it is not accepted, I will need to reconsider my position as a shareholder.” He also said that the microblogging site has “extraordinary potential” that he wants to unlock. Twitter’s board of directors later issued a new “shareholder rights scheme” to block Musk’s offer.
Speaking at the TED 2022 conference in Vancouver last week, the Tesla CEO said he has a Plan B if Twitter doesn’t accept his offer. He has not yet disclosed the details of his next move.
The End.
