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Jack Dorsey says he planned to leave Twitter because of an activist investor

Jack Dorsey, the co-founder of Twitter, criticized the board that oversaw the social media company during his tenure at its helm, saying the group had “always been a problem.”

“I’ve been extremely challenged by my board,” Dorsey said in an interview published Thursday by Mike Solana, chief marketing officer at venture capital firm Founders Fund and editor-in-chief of the brand of digital media Pirate Wires.

“The board has always been a problem in this company and I was happy to see that end,” Dorsey continued. “But there was only one way for this to end, and that was to go private. And I think that’s the greatest act.”

Twitter was sold for $44 billion in October 2022 to Elon Musk, who took the platform private, dramatically changed its approach and renamed it X. By that time, Dorsey had already left the company, leaving it in 2021 to its new CEO. , Parag Agrawal.

Dorsey told Solana that earlier he tried to bring Musk to Twitter’s board, but was stopped twice. That’s part of the reason he decided to abandon the platform, he said.

In April 2022, Musk joined Twitter’s board of directors after taking a 9.2% stake in the company.

But Dorsey said he was also unhappy with the board because an activist investor was seeking to kick him out, he said.

“I didn’t want to be on a board with an activist,” he said. I didn’t want to run a business like that. It’s just a disaster on Wall Street. It’s not creative, it’s decreasing. »

That investor was Elliott Management, an investment firm run by Paul Singer who wanted to replace Dorsey because he was spending time on his other company, Square, while running Twitter as CEO.

Dorsey said he offered to step down, an offer that was rejected by the board. He nevertheless said that the presence of Elliot Management had adversely affected his relationship with the company.

“So at this point, I’m like, okay, I need to plan a release,” Dorsey told Solana. “It won’t be now, but it will have to be in the next couple of years, because I just don’t want to live that way.”

His comments dovetail with reports that a fed-up Dorsey was receptive to Musk buying Twitter and revamping the platform.

During the interview, Dorsey did not respond to allegations that he was virtually “absent” on both Twitter and Square because he was split between the companies. He was accused of being more of an advisor to either company than the decision maker and CEO he was supposed to be.

Dorsey made his recent remarks just after leaving Bluesky, a social media platform he helped create with an open source protocol. He then urged users to use X, calling it “technology of freedom”.

Since taking office, Musk has pushed for X to become an ideal “digital town square” free of censorship, reversing previous bans on controversial figures such as former President Donald Trump and white supremacist Nick Fuentes.

The billionaire’s repeated controversial remarks ultimately led major advertisers to leave

businessinsider

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