Jack Dorsey tried to get Elon Musk on Twitter’s board but directors were too ‘risk averse,’ texts reveal

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Elon Musk has served August 22, 2022 former Twitter boss Jack Dorsey with a subpoena in a hunt for materials to assist him get out of shopping for the large social media platform for $44 billion as agreed.
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Earlier than the present authorized saga between Twitter and billionaire Elon Musk performed out in public, ex-Twitter CEO Jack Dorsey wished Musk on the social media firm’s board. However he did not see the opposite administrators going together with him, a courtroom submitting Thursday revealed.

In a textual content message to Musk on March 26, Dorsey wrote, “the board is simply tremendous threat averse and noticed including you as extra threat.” A bit of over every week later, Musk did announce plans to hitch the board, earlier than he modified course and provided to purchase the corporate.

Quickly after agreeing to buy Twitter for $44 billion, Musk once more modified course and tried to again out of the deal. Twitter is suing to try to power him to carry up his finish of the settlement. The 2 sides are set to go to Delaware Chancery Courtroom in mid-October.

Within the courtroom submitting, which is partially redacted, Dorsey stated he thought the board’s strategy “was fully silly and backwards.” However, he defined, his energy was restricted as a result of “I solely had one vote, and three% of firm, and no twin class shares. Laborious arrange.”

The 2 billionaire entrepreneurs had been discussing Dorsey’s concept that Twitter must be “an open supply protocol” funded by a basis, quite than an organization. Musk responded that the concept was “Tremendous attention-grabbing.”

Dorsey stated he deliberate to “do that work and repair our errors” as soon as he was off the Twitter board in mid-Might, saying that turning into an organization was Twitter’s “authentic sin.”

“I would like to assist if I’m able to,” Musk replied.

Dorsey instructed Musk he’d wished to speak with him in regards to the concept “after I used to be all clear,” including that he’d even tried to get Musk on the board, “again once we had the activist are available in.” Dorsey stated that on the time, “our board stated no” to the proposal.

Whereas Dorsey did not specify what he meant by activist, the corporate was in a battle in early 2020 with activist funding agency Elliot Administration, whose founder Paul Singer sought to interchange Dorsey as CEO as a consequence of his cut up consideration working each Twitter and Sq. (now Block). Twitter reached a deal with Elliot and Silver Lake that allowed Dorsey to maintain his job.

After the board stated no to including Musk, in line with Dorsey, “That is in regards to the time I made a decision I wanted to work to depart, as exhausting because it was for me.”

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