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With eight words via tweet, former Twitter CEO and co-founder Jack Dorsey entered the war between the Twitter board and billionaire Elon Musk that continues to rage on.
“It’s consistently been the dysfunction of the company,” the billionaire Dorsey wrote Sunday in response to a Twitter user who commented about how the Twitter board has a history of “plots and coups” and how the history of the company “could be made into a Hollywood thriller one day.”
Earlier in the thread, capitalist Fred Destin was quoted for what he calls the “Silicon Valley proverb” which is: “Good boards don’t create good companies, but a bad board will kill a company every time.”
Dorsey responded: “big facts.”
It turns out that Dorsey still sits on the board, but his term is set to expire in late May and he was expected to leave anyway.
When asked by a Twitter user if he is allowed to have words for the Twitter board, Dorsey simply responded “no” and now he’s fully engulfed as a player in the Twitter vs. Elon Musk War, which shows no signs of slowing down.
Friday, the Twitter board approved a “poison pill” plan that will limit Elon Musk’s stock purchase ambitions as the company continues to indicate it’s not interested in the wild man’s $54.20 offer to snap up all remaining outstanding shares for a grand total of $41 BILLION to buy the company and take it private.
— jack⚡️ (@jack) April 17, 2022
Even after Dorsey lost many of his shares after being fired in 2008, his 2.25% insider share of the company is still second to Musk’s 9.1% share. The Vanguard Group is the largest institutional shareholder with 10.29% ownership of the social app.