Elon Musk’s offer to buy Twitter has elicited a response from Jack Dorsey

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Over the weekend, Twitter co-founder and former CEO Jack Dorsey responded to a Twitter user by referring to the board as “consistently the company’s dysfunction.”

image credits: bbc

Jack Dorsey, the co-founder and former CEO of Twitter, has finally spoken out against Elon Musk’s bid to buy the company for $43 billion. Last week, Tesla CEO Elon Musk suggested a cash purchase of the microblogging site for $54.20 per share. The board of directors has adopted a new “shareholder rights plan” to thwart Musk’s bid, which is a big blow for the billionaire’s efforts to gain complete control of Twitter.

Last year, Dorsey stepped down as Twitter’s CEO, turning over the reins to Parag Agrawal. Over the weekend, Dorsey responded to a Twitter user by referring to the board as “consistently the company’s dysfunction.” With his 2.2 percent holding, he will remain on the board until next month.

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Dorsey also agreed with Gary Tan, a venture capitalist, that a poorly governed board “may actually make a billion dollars in value vanish.” When a Twitter user inquired if he was permitted to speak publicly about the situation, he flatly refused.

“With Jack departing, the Twitter board together has essentially no shares!” Musk previously stated. He further stated, “Objectively, their economic interests are just not aligned with stockholders.”

Musk offered an offer to buy a 100 percent stake in Twitter for 43 billion dollars, or $54.20 per share, last week. And it was all paid in cash. “My offer is my best and final offer,” Musk stated in a statement with the Securities and Exchange Commission. “If it is not accepted, I would need to reevaluate my position as a shareholder.” He also stated that the microblogging site have “amazing potential,” which he wishes to realise. To counter Musk’s offer, Twitter’s board of directors created a new “shareholder rights plan.”

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Last week, at the TED 2022 conference in Vancouver, Tesla CEO Elon Musk claimed he had a backup plan if Twitter rejects his offer. He hasn’t spoken anything about his next move yet.

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