Twitter Co-founder Jack Dorsey Regrets Elon Musk’s Acquisition of the Company
A year ago, American billionaire Elon Musk announced his intention to buy Twitter for $44 billion but attempted to negotiate better terms for the deal until October, ultimately paying the initially promised sum. However, Twitter co-founder Jack Dorsey, who previously supported Musk’s actions, recently expressed his opinion that Musk should not have purchased the social media platform’s assets at all.
Before the deal with Elon Musk was finalized, former Twitter CEO Jack Dorsey called him the only person capable of solving the company’s long-standing problems. In May of that year, Dorsey left Twitter’s board of directors but later admitted that he had offered Musk a seat on the board even before Musk expressed his desire to buy the company. Thus, at one point, Jack Dorsey welcomed the idea of Elon Musk’s involvement in managing Twitter, regardless of whether he owned shares in the company.
Earlier this year, Dorsey launched a new social network called Bluesky, which he began investing in as early as 2019 while still serving as Twitter’s CEO. When users of the new social network asked Dorsey last Friday whether he considered Elon Musk a suitable leader for Twitter, his response was negative: “No. I also don’t think he acted properly after realizing that the timing was wrong. I also don’t think the board should have insisted on selling the company. Everything ended up being ruined.”
Moreover, Jack Dorsey expressed his belief this week that the events of a year ago should have unfolded differently: “I think he (Elon Musk) should have backed out of the deal and paid $1 billion.” As is well known, Twitter’s management at the time tried to force Elon Musk to fulfill his obligations for the deal through legal action. The billionaire was close to being sued but made concessions at the last minute, paying the promised $44 billion for the company’s assets. Later, he indirectly admitted to overpaying for them, estimating Twitter’s current market capitalization at around $20 billion.
Dorsey believes Musk should have abandoned the deal and paid $1 billion instead
A year ago, American billionaire Elon Musk announced his intention to buy Twitter for $44 billion but attempted to negotiate better terms for the deal until October, ultimately paying the initially promised sum. However, Twitter co-founder Jack Dorsey, who previously supported Musk’s actions, recently expressed his opinion that Musk should not have purchased the social media platform’s assets at all.
Before the deal with Elon Musk was finalized, former Twitter CEO Jack Dorsey called him the only person capable of solving the company’s long-standing problems. In May of that year, Dorsey left Twitter’s board of directors but later admitted that he had offered Musk a seat on the board even before Musk expressed his desire to buy the company. Thus, at one point, Jack Dorsey welcomed the idea of Elon Musk’s involvement in managing Twitter, regardless of whether he owned shares in the company.
Earlier this year, Dorsey launched a new social network called Bluesky, which he began investing in as early as 2019 while still serving as Twitter’s CEO. When users of the new social network asked Dorsey last Friday whether he considered Elon Musk a suitable leader for Twitter, his response was negative: “No. I also don’t think he acted properly after realizing that the timing was wrong. I also don’t think the board should have insisted on selling the company. Everything ended up being ruined.”
Moreover, Jack Dorsey expressed his belief this week that the events of a year ago should have unfolded differently: “I think he (Elon Musk) should have backed out of the deal and paid $1 billion.” As is well known, Twitter’s management at the time tried to force Elon Musk to fulfill his obligations for the deal through legal action. The billionaire was close to being sued but made concessions at the last minute, paying the promised $44 billion for the company’s assets. Later, he indirectly admitted to overpaying for them, estimating Twitter’s current market capitalization at around $20 billion.
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- I'm Vasyl Kolomiiets, a seasoned tech journalist regularly contributing to global publications. Having a profound background in information technologies, I seamlessly blended my technical expertise with my passion for writing, venturing into technology journalism. I've covered a wide range of topics including cutting-edge developments and their impacts on society, contributing to leading tech platforms.
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The criticism of the former owners is understandable when you look at what Elon Musk came up with new for Twitter. Very good innovation