Both Jack Dorsey and Elon Musk criticize Twitter board

Both Jack Dorsey and Elon Musk criticize Twitter board
FILE PHOTO: Elon Musk’s twitter account is seen on a smartphone in front of the Twitter logo in this photo illustration taken, April 15, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Jack Dorsey, the founder of Twitter, has made some public comments about the whole Musk and Twitter saga. Dorsey got fired from the company in 2008 and, during that time, “ended up with very little of the company.” He then came back to lead the tech platform in 2015 and is the second-largest internal stakeholder now (behind Musk), with 2.25% of shares. Today, he also sits on the board but is apparently going to leave once his term ends in late May this year.

This is a big criticism from Musk, who says that the Twitter board collectively owns no shares without Dorsey on the board. Dorsey then said on Sunday that the Twitter board has “consistently been the dysfunction of the company.”

Key comments:

“The Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders,” tweeted Musk.

Venture capitalist Fred Destin quoted a “Silicon Valley proverb” saying, “Good boards don’t create good companies, but a bad board will kill a company every time” in the same Twitter thread, and Dorsey responded, “big facts.”