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Twitter co-founder: Jack Dorsey ‘Backstabbing’ Led To Elon Musk Takeover

It has been just a few days since the Tesla founder, Elon Musk has gone ahead and bought Twitter for $44 billion. This started as a random tweet posted by Musk on Twitter and soon became the owner of Twitter. However, recently, the Twitter co-founder, Jason Goldman accused CEO Jack Dorsey of “backstabbing the company’s board of directors” as stated by Bloomberg News. It was quite a shocking revelation that raised certain questions. 

What Did The Former Member, Jason Goldman Say To Bloomberg News?

To be honest, it was a little surprising to see Twitter go to Elon Musk after the founders had spent so many years building something this big.

Jason Goldman, who has been associated with Twitter for more than a decade and is now a former founding member, claimed that it was Jack Dorsey who encouraged the trillionaire Musk to make the offer. Elon Musk was already considered for joining the board of members but Jack encouraged Musk for buying the entire company.

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Goldman served as Twitter’s vice president for a long-time before there was a change in roles. He clarified that both Bret Taylor, the chairman of the company, and CEO Parag Agrawal had made progress with Musk regarding bringing him as a director. They also convinced him not to buy any more shares. 

The SEC filing disclosed that Musk owned as much as a 9.2% stake in Twitter. If converted to money, Elon alone had owned 73.4 million shares in the company and he was considered to own the highest number of shares compared to any of the shareholders in the company.

Musk wanted to have a meeting with the entire Twitter board but Dorsey, “shared his personal view that Twitter would be able to better focus on execution as a private company.”

Goldman Was Specific To Mention That Dorsey’s Comments Encourage Musk

Goldman didn’t hold back anything. He stated that it was Dorsey’s encouragement that made Musk buy the company entirely and make it private.

“That to me is just a clear backstabbing of the board by the founder when they had a deal in hand to come to a standstill.” 

Jack Dorsey

Jason clarified that Twitter shareholders wanted the Tesla founder to stick by the “terms of the $54.20-a-share tender offer”. However, Musk later tweeted “on hold” as there were concerns related to “spam” and “bot” accounts.

Even after Elon Musk’s misgivings, Twitter wanted to put the agreement into the act. But some analysts stated that Musk just wanted to renegotiate the buying price since the Twitter stock was dropping during the weeks before purchasing.

Goldman added, “The most important answer [the company] can assert is that there’s no such thing as the deal being on hold.”

These comments were made just a day prior to Twitter accepting Elon Musk’s buyout offer. The final price was $54.20 per share which was considered during the annual shareholder meeting held on Wednesday.

But that’s not it, Musk changed his plans and wanted to have a $44 billion hostile takeover and he was successful in that.

Dorsey even supported Musk’s acquisition and mentioned how he supports the vision of the Tesla CEO of creating a social media platform that provides freedom of speech.

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After such a chaotic process, the Twitter founder whose term already expired by that period had formally chosen to exit from the board of directors. Dorsey, on the other hand, mentioned previously that he will be leaving the board this year after stepping down from the CEO position last year and he did so.

Musk did post a couple of tweets dedicated to Jack and he would love to see him stay in the company. He added, “I’m a fan of Jack btw. Wish he would stay on the board, but I understand that he needs to move on.”

After such serious backstabbing allegations, what do you think?  

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