Tesla CEO Elon Musk and the Twitter board of directors have been in a frenzy. This comes after Elon Musk made a $43 billion bid to buy Twitter.
Previously, a Twitter investor sued Elon Musk for failing to disclose his stake.
Musk was required to file a Schedule 13 with the SEC due to his position as a 5% owner of Twitter (Securities and Exchange Commission).
When Twitter Co-Founder Jack Dorsey, who left Twitter in November of last year, reacted to a tweet about the Twitter Board, the tides turned.
Dorsey said, referring to the board, "it’s consistently been the dysfunction of the company."
it’s consistently been the dysfunction of the company
— jack⚡️ (@jack) April 17, 2022
The former Twitter CEO also agreed with venture capitalist Gary Tan, who stated that a badly run board "can literally make a billion dollars in value disappear."
When another Twitter user asked Dorsey if he could speak publicly about the board, he responded, "No."
In this light, Dorsey agreed with a quote from venture capitalist Fred Destin, who noted that “What I do know for sure is that this old Silicon Valley proverb is grounded in age-old wisdom that still applies today: Good boards don’t create good companies, but a bad board will kill a company every time.” Destin’s tweet seem to also highlight how the Twitter board is blocking Musk from acquiring the micro-blogging platform, Dorsey replied thus; “big facts.”
big facts
— jack⚡️ (@jack) April 17, 2022
Meanwhile, Musk has said that the Board of Twitter should be more concerned about other potential bidders than him who has made a fair offer to acquire 100 per cent of the micro-blogging platform for $43 billion.