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Jack Dorsey claims Twitter's board consistently the dysfunction of the company

Published Apr 18, 2022

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Twitter co-founder and former CEO Jack Dorsey has claimed the Twitter board of directors has "consistently been the dysfunction of the company".

His comments come after Tesla and SpaceX boss Elon Musk was offered a place on the micro-blogging app's board after it was revealed he bought a 9.2 per cent share in the platform, before turning it down.

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One user commented: "If look into the history of Twitter board, it’s intriguing as I was a witness on its early beginnings, mired in plots and coups, and particularly amongst Twitter’s founding members. I wish if it could be made into a Hollywood thriller one day."

To which, Dorsey replied: "it’s consistently been the dysfunction of the company (sic)"

What's more, Musk made an offer to buy Twitter for $41.39 billion.

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The business magnate revealed in a regulatory filing that he launched a takeover bid of Twitter just days after he bought his stake, something he could not have done once a board member.

In a US Securities and Exchange Commission (SEC) filing last Wednesday (April 13), Musk revealed he offered to buy all Twitter’s shares for $54.20 each – a total of $41.4bn based on 763.58m shares outstanding.

That share offer price would be a 54 per cent premium to Twitter’s closing price on 28 January 2022, the day before he started buying up his stake.

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Upon the news of the entrepreneur's offer, shares in Twitter jumped 11 percent in pre-market trading on Thursday (April 14) to $50.90.

Musk - who is worth a reputed $265 billion - set out his vision to make Twitter "the platform for free speech around the globe" in a letter to Twitter chairman Bret Taylor.

He said: "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.

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"Since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form.

"Twitter needs to be transformed as a private company.

"My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.

"This is not a threat, it's simply not a good investment without the changes that need to be made."

Musk - who is a frequent tweeter and has 81.6 million followers - stated he has no "confidence in management" and does not believe he can "drive the necessary change" while the company is still public.

Twitter responded to Musk's offer in a statement confirming it had received the "unsolicited" proposal and confirmed the board will "carefully review" it to "determine the course of action that it believes is in the best interest of the company and all Twitter stockholders".

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