Former Twitter CEO Jack Dorsey is leaving Twitter’s Board of Directors, effective today, which comes as the company prepares for possible new leadership in the coming months with its pending sale to Elon Musk.
“The move had been telegraphed last fall, when he stepped down as the social media company’s CEO,” Axios reported. “Dorsey is friendly with Elon Musk, who’s in the midst of a controversial takeover of the social media giant and has discussed rolling over his 2.4% ownership stake into the deal.”
Twitter’s Board of Directors unanimously approved last month to be acquired by Musk for $54.20 per share in a sale valued at $44 billion.
The sale has since hit a snag as Musk has called into question the number of spam accounts that are on the platform. Musk has stated that he is still committed to acquiring the company.
Dorsey responded to the news that Twitter would be acquired by Musk by staying that he believes that Musk is the “singular solution” that he trusts to fix the company’s problems.
“I love Twitter. Twitter is the closest thing we have to a global consciousness,” Dorsey said. “The idea and service is all that matters to me, and I will do whatever it takes to protect both. Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step.”
“In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness,” he continued. “Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one. This is also @paraga’s goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart.”
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