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Ex-Twitter CEO Dorsey criticizes company’s board amid Musk takeover offer

Before Twitter CEO Jack Dorsey criticized the company’s board in a series of tweets on Sunday as the team is now tasked with assessing the takeover bid from the billionaire. Elon Musk.

Responding to another Twitter user describing a “conspiracy and coup” that took place very early in Twitter’s board history, Dorsey answered“It’s always been a disarray of the company’s operations.”

Before that, he replied to another tweet in the same thread. It quotes venture capitalist Fred Destin citing what he calls “Silicon Valley’s maxim”: “A good board doesn’t make a good company, but a bad board kills a company.” you anytime, anywhere”.

Dorsey replied, “the great truth.”

Dorsey still sits on Twitter’s board but plans to leave when his term ends at the 2022 shareholder meeting, scheduled for late May.

The Board of Directors is currently reviewing Tesla CEO Musk’s $43 Billion Offer to buy the company and own it privately. It is also reported to bring additional interest. On Friday, Twitter’s board of directors through a so-called poison – a term shareholder rights plan that allows a shareholder to purchase shares at a discounted price if any individual or entity accumulates at least 15% of the common shares outstanding without prior approval of Board Department. Musk recently revealed a more than 9 percent shares in the company before bidding for its takeover.

The board of directors said the plan would not prevent it from making a deal in the best interests of the company and its shareholders, but it would “reduce the likelihood that any organization, individual or group will win the deal.” gained control of Twitter through open market accumulation without paying all shareholders an appropriate controlling surplus or without providing the Board of Directors sufficient time to make informed judgments and take actions in the best interest of shareholders. ”

Dorsey, who also co-founded the company, previously served as its CEO but has since was fired from this role in 2008 and was replaced by another of his co-founders. He give back to lead the company in 2015.

On Saturday, Musk tweeted that, when Dorsey left the board, “The Twitter board owns virtually no stock! Objectively, their economic interests simply do not align with shareholders.”

Dorsey recently noticed that he “ends up with very little of the company” because he took a lot of the shares when he was fired in 2008. He said he also gave back 1% of the company. to employees in 2015. However, Dorsey remains the largest insider. of the company after Musk’s 9.1%, with about a 2.25% stake, according to FactSet. Twitter did not immediately respond to a request for comment.

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