Source: The West Phalian Times
On Saturday, April 16, Jack Dorsey, Co-founder and short-time board member of Twitter ripped the company’s board. He called out Twitter board’s saying, “its consistently been the dysfunction” of the social media company.
It all started when a user on the platform replied to one of his tweets based on the board of Twitter. The user said that looking at history of the board, it was interesting as he was a ‘witness’ on its initial beginnings. These included being ‘mired’ in coups and plot, surprisingly among the founding members in particular. Continuing, he said that he wished that one day, it could be made into a ‘Hollywood thriller’ film.
To this statement of the user, Dorsey replied with a rather controversial comment on the company’s board. Referring to the board itself, he said that it has ‘consistently been the dysfunction’ of the social media giant. When the user enquired of him about whether Dorsey was ‘allowed to say this,’ Dorsey replied with a prompt ‘no.’
The comments from Dorsey were mainly responses to a tweet by venture capitalist Garry Tan from Saturday, April 16. Dorsey replied with the remark, ‘big facts,’ when Tan mentioned how much a ‘wrong partner’ on board can harm a company.
He posted, “The wrong partner on your board can literally make a billion dollars in value evaporate.
The wrong partner on your board can literally make a billion dollars in value evaporate.
It is not the sole reason behind every startup failure but it is the true story a surprising percentage of the time.
— Garry Tan 💥♻️ e/acc (@garrytan) April 17, 2022
Jack Dorsey had stepped down from the position of Twitter’s Chief Executive in November 2021. According to a news release from Twitter last year, he would stay on the board until the expiration of term at the “2022 meeting of stockholders.” Dorsey’s attack on the board comes after the enactment of the “poison pill” strategy.
On Friday, April 15, Twitter management enacted the “poison pill” strategy, or the limited duration shareholder rights plans. This was in order to ward off its new stakeholder, billionaire CEO of Tesla, Elon Musk. Musk made an acquisition bid to take over the entire social media company through a letter to board chairman, Bret Taylor. He offered to buy 100% of the company’s stake at $54.20 per share or $43 billion in total. Musk had also recently referred to Dorsey on a tweet this week. This was when he stated that the interests of board members of Twitter are ‘simply not aligned with shareholders.’
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>it’s consistently been the dysfunction of the company</p>— jack⚡️ (@jack) <a href=”https://twitter.com/jack/status/1515549577352564740?ref_src=twsrc%5Etfw”>April 17, 2022</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
