Twitter co-founder and former president Jack Dorsey criticized the company’s board of directors last Saturday (16), involved in a dispute with businessman Elon Musk for control of the company.
In response to Garry Tan, a venture capital executive, who posted on the social network the phrase “having the wrong partner on your board can literally cause $1 billion in market value to evaporate”, Dorsey said the board “comes consistently being the dysfunction of the company”.
The criticism comes after Twitter adopted a defensive tactic known as the “poison pill” to guard against a hostile takeover attempt by Elon Musk, Tesla’s chief executive, who offered $43 billion for the company.
Additionally, Dorsey endorsed a comment by another user who stated that “good advice [de administração] they don’t create good companies, but bad advice will always kill a company.” “Big facts,” the former Twitter president said in response.
This Monday (18), the president of Tesla, Elon Musk, also made attacks on the company.
“The board salary will be $0 if my proposal succeeds, which means a savings of $3 million a year on this alone,” Musk tweeted in response to a user who criticized the board.
Musk, who describes himself as an “absolutist” on free speech and has been critical of Twitter’s rules, did not elaborate on the tweet. Twitter did not immediately respond to a request for comment.
Keeping his criticism of the company constant, Musk launched a survey on Thursday asking his 80 million followers whether taking Twitter private in a transaction that values the company at $54.20 a share should be a decision reserved for the private sector. shareholders rather than the board, and a large majority of respondents answered yes.
Later, Tesla’s chief executive also tweeted “Love Me Tender”, the name of an Elvis Presley song.
Musk currently owns 9.1% of Twitter’s shares.
Twitter shares were up about 4% and were priced at $46.85, still significantly below Musk’s $54.20 offer. They are up about 15% since Musk revealed his equity stake in the company on April 4.
Meanwhile, Twitter was also informed by Thoma Bravo, a technology-focused private equity firm that had more than $103 billion under management at the end of December, that the company was studying the possibility of setting up a takeover bid.
Translation by Paulo Migliacci
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