Jack Dorsey, the co-founder and former CEO of Twitter, has finally spoken out about Elon Musk’s offer to buy the company for $43 billion. Last week, Tesla CEO Elon Musk proposed an all-cash purchase of the microblogging site for $54.20 per share. The board of directors has issued a new “shareholder rights plan” to thwart Musk’s bid. This is a major setback for the billionaire’s efforts to gain complete control of Twitter.
How Did Jack Dorsey Respond To The Board Exactly?
Last year, Dorsey stepped down as Twitter’s CEO, handing over the reins to Parag Agrawal. Over the weekend, Dorsey responded to a Twitter user by referring to the board of directors as “consistently the company’s dysfunction.” With his 2.2 percent share, Jack will remain on the board until next month. Dorsey also agrees with Gary Tan, a venture capitalist about a poorly run board that can literally wipe out a billion dollars in value. When a Twitter user asked if he was allowed to speak publicly about the situation, he flatly refused.
What Is Elon Musk’s Proposition That Has Heated The Things Up?
Musk recently stated that the Twitter board of directors now owns almost no shares as a result of Jack’s departure. He went on to say that their economic interests are objectively not aligned with those of shareholders. Last week, Musk proposed an offer to buy a 100 percent stake in Twitter for 43 billion, which is $54.20 per share. And it will all be in cash.
Musk stated in a filing with the United States Securities and Exchange Commission that his offer is his best and final. Elon also says that if it is not accepted, he will have to reconsider his position as a shareholder. He also stated that the microblogging site has tremendous potential that he wishes to realize. After Musk’s offer was rejected, Twitter’s board of directors issued a new shareholder rights plan.
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