The friendship between Elon Musk and Jack Dorsey is considered rare in the tech world and continues to be reflected in the Twitter deal.
At a staff party Twitter early 2020, Jack Dorsey, the company’s co-founder and CEO at the time, invited a special guest. That person is none other than best friend your: Elon Musk.
Two years later, Musk offered to buy Twitter for $44 billion. The deal was announced on April 25, but Musk recently said he wanted to postpone it to determine more information about the number of fake accounts.
Jack Dorsey (left) and Elon Musk. Image: Bloomberg
Musk’s decision to buy the rated Titter also highlights his relationship with Dorsey. Some experts predict the former Twitter CEO will play an important role after the social network returns under the “reign” of Musk. Others – especially Twitter employees – feel angry, seeing this as a “betrayal” of the founder. The anger becomes more serious when Twitter is facing a series of ups and downs: hiring freezes, costs are cut, employee morale is low or even dissatisfaction because the company was once controlled by Musk. mock.
According to regulatory filings shared earlier this week, after Musk was invited to join Twitter’s board in early April as a major shareholder, Dorsey told employees that Twitter “best focuses on operating as a private company”. Dorsey stepped down as Twitter CEO last November, but remains on the board, along with Salesforce CEO Bret Taylor, tech entrepreneur Martha Lane Fox and former Google CFO Patrick Pichette.
Some inside Twitter sources revealed that Dorsey’s above statement came from the increasingly tense situation between Dorsey and the board members, especially over how to operate as well as content moderation issues. . In fact, in the past, he has also clashed with Elliott Management, which once owned a 5% stake and held a seat on Twitter’s board.
In March 2020, Dorsey was asked to resign as CEO by Elliot Management on the grounds that he “did not have the necessary concentration to run the company”. Musk later took to social media to defend you: “I just wanted to say, I support Jack as CEO of Twitter. He’s a good guy.”
In April, Dorsey tweeted that Twitter would be better off as a private company. A week later, Musk said he plans to do just that. When the board approved Musk’s takeover of Twitter, Dorsey asserted: “Elon is the only solution that I believe in. I believe Elon’s mission is to expand the light of consciousness.”
During the process of acquiring Twitter, Musk repeatedly told the company’s board about decisions to moderate content as well as control the number of fake accounts on the social network. Dorsey sided with Musk, even criticizing the board that the above problems, if left unchecked, would “constantly disrupt the functioning of the company”.
Dorsey recently said he will never return to the company as CEO. However, according to legal filings, he is in discussions with Musk about “holding the remaining shares or holding some of the company’s branches after the merger”.
In addition to their interest in Twitter, the two entrepreneurs found other common ground on topics such as cryptocurrencies, open source technology, and free speech. Both are also achieving success in Silicon Valley with the ability to run multiple companies at the same time. “Jack was clearly on the same team as Elon from day one,” commented Stefano Bonini, a corporate governance expert at the Stevens Institute of Technology.
According to three employees and former senior executives at Twitter, the close relationship between Musk and Dorsey makes many employees in the company insecure. One person revealed, the duo is closer than they thought. Others feel that Dorsey – who was once a revered figure internally – is trying to rewrite the company’s history by openly criticizing content censorship as CEO.
Besides, Dorsey is also said to not support the CEO Parag Agrawal – whom he recruited. Many other employees were upset that Dorsey did not defend the policies of Twitter and head of legal Vijaya Gadde when Musk publicly criticized her decisions. This caused Gadde to receive a series of harassing, insulting and racist comments.
“Jack really believes taking the company private is the right thing to do. And if he’s found the fastest way to do so, it’s worth it,” said one former Twitter employee. “But how true these relationships really are is still hard to say. They seem to have been built by men who are defending their legacy.”
Bao Lam (according to Financial Times)
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