As Tesla and SpaceX CEO Elon Musk puts pressure on the board of Twitter to let him acquire the micro-blogging platform for $43 billion, its Co-founder Jack Dorsey has finally broken the silence, labelling the board as “consistently the dysfunction of the company”.
Dorsey, who left Twitter in November last year — handing over the baton to Indian-origin Parag Agrawal — remains a board member until next month with his 2.2 per cent share.
Reacting to a Twitter user, Dorsey said late on Sunday: “It (the board) has consistently been the dysfunction of the company”.
The former Twitter CEO also agreed with venture capitalist Gary Tan, who posted that a badly run board “can literally make a billion dollars in value disappear.”
When another Twitter user asked Dorsey if he was allowed to speak publicly about the board, he replied, “No”.
Musk had said that “With Jack departing, the Twitter board collectively owns almost no shares!”
“Objectively, their economic interests are simply not aligned with shareholders,” the Tesla CEO posted.
Dorsey’s firm Block (earlier Square) is currently working on hardware crypto wallet, a device to help people “safely own and manage their Bitcoin”.
Meanwhile, Musk has said that the Board of Twitter should be more concerned about other potential bidders than him who has made a fair offer to acquire 100 per cent of the micro-blogging platform for $43 billion.
He was reacting to a follower who said that the Twitter board has threatened to dilute their shareholder’s stake in the company which is a sort of criminal negligence.
“In fairness to the Twitter board, this might be more of a concern about other potential bidders vs just me”.
With 9.2 per cent stake, Musk is one of the largest shareholders in Twitter.
Asset management firm Vanguard Group disclosed last week that its funds now own a 10.3 per cent stake in Twitter which makes it the largest shareholder.
Saudi Prince Al-Waleed bin Talal, who rejected Elon Musk’s offer, has about 5.2 per cent share in Twitter.
The board of Twitter has adopted the ‘poison pill’ strategy to stop Musk from forcefully buying it.