Dorsey wants Musk on Twitter board, but directors are ‘risk-averse’

Elon Musk served a subpoena on August 22, 2022 to get him out of the deal to buy the social media giant for $44 billion.

Jim Watson | AFP | beautiful pictures

Before the current legal story between Twitter and billionaires Elon Musk In public, former Twitter CEO Jack Dorsey wants Musk on the social media company’s board. But he did not see other directors accompanying him, a court filing on Thursday revealed.

In a text message to Musk on March 26, Dorsey wrote, “the board is just someone who is extremely risk averse and considers adding you more risky.” More than a week later, Musk announced his plans to join the board, before he diverged and offered to buy the company.

Immediately after agreeing to buy Twitter for $44 billion, Musk changed direction and tried to pull out of the deal. Twitter is suing to try and force him to terminate the agreement. The two sides are expected to appear in Delaware Premier Court in mid-October.

In the court filing, which was partially omitted, Dorsey said he thought the board’s approach was “totally stupid and backwards”. However, he explains, his power is limited because “I have only one vote, and a 3% share of the company, and no dual shares.

Two billionaire entrepreneurs discussed Dorsey’s idea that Twitter should be “an open source protocol” funded by a foundation, not a company. Musk replied that the idea was “Super interesting.”

Dorsey said he planned to “do this work and correct our mistakes” after stepping down from the Twitter board in mid-May, saying being a company was “a sin”. original” of Twitter.

“I’d like to help if I can,” Musk replied.

Dorsey told Musk he’d like to talk to him about the idea “after I’ve been clear,” adding that he’s even tried to get Musk on the board, “back when we have the house.” work.” Dorsey said that at the time, “our board said no” to the proposal.

While Dorsey did not specify what he meant by the activist, the company had a fight in early 2020 with activist investment firm Elliot Management, which has founder Paul Singer sought to replace Dorsey as CEO due to his attention running both Twitter and Square (currently Unit). Twitter reach an agreement with Elliot and Silver Lake allowed Dorsey to continue his work.

After the board said no to adding Musk, according to Dorsey, “It was around that time that I decided I needed to work on leaving, just as hard as it was for me.”

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SEE: How Elon Musk’s Twitter takeover plan rocked Wall Street and the social network

How Elon Musk's Twitter Takeover Plans Rocked Wall Street and Social Media

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