Jack Dorsey Exits Twitter's Board Of Directors Ahead Of Elon Musk Takeover: Report
Dorsey endorsed the sale of Twitter to Tesla chief and tweeted that he believed Musk could take the company in a right direction.
New Delhi: Twitter co-founder Jack Dorsey made a full exit from the social media platform by leaving the board of directors on Wednesday after stepping down as CEO last year. In its report, the technology webiste Gizmodo said the company confirmed the move in an email to them by saying, 'Dorsey will no longer serve on the company’s board of directors.'
The departure of Dorsey is not a surprise move rather a planned one. Earlier in November, the company had announced that Dorsey would exit the board when his term expired at the company's 2022 shareholders' meeting, which took place on Wednesday.
A Bloomberg journalist, Kurt Wagner also tweeted about the development saying, "He has no formal role at the company for the first time since its creation in 2006."
It's official: @jack Dorsey is off the Twitter board. He has no formal role at the company for the first time since its creation in 2006.
— Kurt Wagner (@KurtWagner8) May 25, 2022
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Dorsey exits the board after the company unanimously approved the sale to Tesla chief Elon Musk for $44 billion on April 25 . Dorsey, who endorsed the move tweeted that he believed Musk could take the company in a right direction.
In a Twitter thread, Dorsey said that the company is the closest thing we have to a global consciousness. He said that the idea and service is all that matters, and he “will do whatever it takes to protect both."
Dorsey also stated that in principle, he does not believe that anyone should own or run Twitter. It is supposed to be a public good at a protocol level, not a company.
“It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step," Dorsey had tweeted.
Dorsey had twice served as Twitter CEO until most recently in 2021. He is also the CEO of payments company Block, formerly known as Square. Earlier when he announced about stepping down as Twitter CEO, he had mentioned that he would stay on Twitter’s board to help incoming CEO Parag Agrawal and Twitter Board chair Bret Taylor with their respective transitions.
Dorsey has been criticised for “backstabbing” the board after a reported meeting with Elon Musk where he allegedly told the Tesla CEO he believed Twitter would perform better as a private company. In an interview with Bloomberg, former Twitter board member Jason Goldman has hit out at Dorsey saying this suggests Dorsey encouraged Musk to acquire the company.
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