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Former CEO Jack Dorsey steps down from Twitter board

Jack Dorsey has resigned from Twitter’s board of directors, as Tesla CEO Elon Musk battles Twitter to reveal the true number of fake/spam accounts.

Dorsey stepped down as Twitter CEO in November of last year, passing the torch to Indian-origin Parag Agrawal, the company’s CTO at the time. Dorsey would remain on the board “until his term expires at the 2022 meeting of stockholders,” according to Twitter at the time.

Dorsey has stated unequivocally that he will never be the CEO of Twitter again, despite reports of him rejoining the microblogging platform following Musk’s $44 billion takeovers. Dorsey, who now runs the financial payments platform Block (previously Square), also stated that no one should be Twitter’s CEO.

Twitter’s board voted on Wednesday to fireboard member and Musk ally Egon Durban, CEO of private equity firm Silver Lake Partners, according to TechCrunch. During Tesla’s failed takeover attempt in 2018, Durban led Musk’s deal team. Musk has halted the $44 billion Twitter deal due to the presence of fake/spammy accounts, and he desires the microblogging platform to reveal the true number of bots.

After Twitter co-founder Jack Dorsey stepped down from the board, Elon Musk tweeted, “Jack of the board.” Musk stated that he admires Dorsey and wishes he could remain on the board. “I’m a fan of Jack btw. Wish he would stay on the board, but I understand that he needs to move on,” Musk wrote on Twitter.

Former CEO Jack Dorsey did not run for re-election and is no longer a board member, effectively ending his formal alliance with the social network he co-founded in 2006. He has been a director since 2007 and most recently served as the CEO of Twitter from mid-2015 until his resignation last year.

Twitter accepted Elon Musk’s $44 billion takeover offer last month. Musk currently owns 9.1 percent of Twitter and is the company’s second-largest shareholder. Elon Musk had heretofore declined an invitation to join Twitter’s board of directors.

It’s a massive leveraged buyout. To support the bid, Musk has raised $25.5 billion in fully committed debt and margin loan financing from a dozen banks.

 

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