Before the current legal dispute between Twitter and Elon Musk (Elon Musk) became public, former Twitter CEO Jack Dorsey (Jack Dorsey) hoped that Musk to join the company’s board of directors . However, court documents released on Thursday showed that other directors did not support Dorsey’s proposal.
In a March 26 text message to Musk, Dorsey said: “The board is just very risk-averse and thinks you’re going to be a bigger risk by joining.” More than a week later, Musk did announce that he was joining Twitter’s board plan, but his approach was to propose an acquisition of Twitter.
Shortly after agreeing to buy Twitter for $44 billion, Musk reversed course again and tried to pull out of the deal. Twitter is trying to use a lawsuit to force Musk to honor a previously agreed acquisition agreement. The trial will be held in Delaware Chancery Court in mid-October.
In redacted court filings, Dorsey said he thought the board’s approach was “completely stupid and regressive ,” but explained that his powers were limited because “I only have one vote, 3 percent of the company. , and there is no AB stock design. The situation is difficult.”
Dorsey and Musk have been discussing Dorsey’s vision that Twitter should be an “open source protocol” run by a foundation, not a company. Musk replied that the idea was “very interesting.”
Dorsey said he plans to “do the work and correct our mistakes” after he leaves Twitter’s board in mid-May. He even said that growing into a company was Twitter’s “original sin.” Musk said: “If it can help, I’d love to do it.”
Dorsey told Musk that he wanted to talk to Musk about the idea “after he was “completely clear” and that he “tried to get Musk on the board when activist investors got involved.” But the board rejected the proposal at the time.
Dorsey did not specify who the activist investor mentioned here is, but back in early 2024, Twitter was in a dispute with activist investor Elliot Management. Elliot’s founder at the time, Paul Singer, tried to replace Dorsey because he thought that running two companies, Twitter and Square (now called Block), would be problematic. Twitter then struck a deal with Elliot and Silver Lake, allowing Dorsey to keep his job.
According to Dorsey, after the board rejected Musk’s entry, “that’s when I made up my mind that I needed to leave, even though it was difficult for me.”
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