London Daily

Focus on the big picture.
Friday, Sep 04, 2026

Ex-CEO Dorsey criticizes Twitter board; Musk says it 'owns almost no shares!'

Ex-CEO Dorsey criticizes Twitter board; Musk says it 'owns almost no shares!'

The board is currently considering a $43 billion bid from Tesla CEO Elon Musk to buy the company and take it private.
Former Twitter CEO Jack Dorsey criticized the company’s board in a series of tweets on Sunday as the group is now tasked with evaluating a takeover bid from billionaire Elon Musk.

Responding to another Twitter user describing the “plots and coups” that played out early on in the history of Twitter’s board, Dorsey replied, “it’s consistently been the dysfunction of the company.”

Earlier, he responded to another tweet in the same thread. It quoted venture capitalist Fred Destin citing what he called a “Silicon Valley proverb”: “Good boards don’t create good companies, but a bad board will kill a company every time.”

Dorsey responded, “big facts.”

Dorsey still sits on Twitter’s board but plans to leave once his term expires at the 2022 meeting of shareholders, which is scheduled for late May.

The board is currently considering Tesla CEO Musk’s $43 billion offer to buy the company and take it private. It’s also reportedly fielding additional interest. On Friday, Twitter’s board adopted a so-called poison pill — a limited duration shareholder rights plan that would allow shareholders to buy stock at a discount if any one person or entity amasses at least 15% of outstanding common stock without the board’s prior approval. Musk recently revealed a more than 9% stake in the company before his takeover bid.

The board said the plan would not prevent it from taking a deal in the best interest of the company and its shareholders, but it would “reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders.”

Dorsey, who also co-founded the company, served an earlier stint as its CEO but was fired from the role in 2008 and replaced with another one of his co-founders. He returned to lead the company in 2015.

Musk tweeted Saturday that, with Dorsey leaving the board, “the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.”

Dorsey recently noted that he “ended up with very little of the company” because it took many of his shares when he was fired in 2008. He said he also gave 1% of the company back to employees in 2015. Still, Dorsey remains the largest insider stakeholder of the company after Musk’s 9.1%, with about 2.25% of shares, according to FactSet. After that, Silver Lake, whose CEO Egon Durban is a Twitter board member, owns 0.26%, according to FactSet. The Vanguard Group is the largest institutional shareholder, with a 10.29% stake in the company, according to FactSet.

Twitter did not immediately respond to a request for comment.
Comments

Treetopflyer13 4 year ago
oh contraire my Oh Yah, Elon and Jack go way back, they've got each other's back, now they are teaming up clean up the mess the Federal Reserve (Creature of Jekyll Island) has created. Governor Ron Desantis of the Great State of Florida has jumped on the dogpile, suing the Twitter Board along the European Union drafting legislation to go after Twitter, FaceBook and Google to reveal their methods of operandi. Stock up on the pop corn this is bound to be entertaining as Elon and Jack turn on the lights and the Authorities (Florida Bureau of Investigation) go around stomping the cockroaches...
Oh ya 4 year ago
Its called trying to cover your ass. Dorsey was a big part of the problem and now he is trying to play the victim.

Newsletter

Related Articles

0:00
0:00
Close
Scottish Tech Company PureLifi Enters Administration With More Than 40 Job Losses
Scottish Government Names Alyn Smith Innovation and Education Minister
Green Party Co-Leader Zack Polanski to Contest By-Election for Keir Starmer’s Former Seat
Palestine Action Activists Appeal Terrorism-Related Prison Sentences
PwC Report Highlights Persistent Regional Spending-Power Divide Across Britain
UK Names Hundreds of Employers for Minimum Wage Violations
UK Commits £400 Million to International Tropical Forest Fund
UK Extends £2 Bus Fare Cap Across England Through 2027
UK Warns Travellers as US-Iran Tensions Disrupt Middle East Security and Shipping
Andy Burnham Faces Kemi Badenoch in First Prime Minister’s Questions
Kemi Badenoch Names Andrew Griffith Shadow Chancellor in Conservative Reshuffle
UK Treasury and Markets Focus on Fiscal Headroom Ahead of Autumn Budget
UK Government Reverses Early Release Plans for Serious Violent and Sexual Offences
UK and France Review Border Cooperation After 48,000 Small-Boat Crossings Prevented
UK Growth Outlook Weakens as Inflation and Energy Costs Rise
Breeding Tropical Mosquitoes Discovered in East London
Sadiq Khan Agrees to Search of Digital Communications in Palantir Lawsuit
Scottish Protesters Call for Moratorium on AI Data Centre Expansion
Uber Drivers Bring London Class Action Over Algorithmic Management
Reform UK Accepts £4 Million Donation From Cryptocurrency Billionaire Pardoned by Trump
Justice Secretary Tightens Early Release Scheme to Exclude Manslaughter Offenders
Kemi Badenoch Reshuffles Conservative Team as Reform UK Pressure Grows
British Mortgage Rates Rise as Global Bond Sell-Off Pushes Up Borrowing Costs
UK Records Hottest Summer on Record in 2026
UK Government Urges Households to Stock Essential Supplies Ahead of Severe El Niño Risk
UK Prepares Targeted Sanctions Over Israeli Settlements in West Bank
Reform UK Faces Electoral and Police Scrutiny Over Foreign Donation Allegations
UK and France Expand Channel Migration Cooperation as Trade Tensions Surface
UK Marks Merchant Navy Day With Tribute to Civilian Seafarers
Burnham Pays Tribute to Two Police Officers Killed on Duty in Northern England
Booking.com Left Fake Downing Street Listing Online for Two Months, Which Says
Burnham and Macron to Review UK-France Cooperation on Channel Crossings
UK Business Confidence Improves Slightly but Investment Concerns Persist
Burnham Faces Pressure Over Future North Sea Oil and Gas Licences
Burnham Pushes Wider English Devolution Through ‘Number Ten North’
British Chambers of Commerce Raises 2026 UK Growth Forecast to 1%
Keir Starmer Resigns as Holborn and St Pancras MP, Triggering By-Election
UK Chancellor Faces Tighter Budget Headroom as Long-Term Borrowing Costs Rise
UK Government Weighs Thames Water Nationalisation as Financial Crisis Deepens
Prime Minister Andy Burnham Faces First Commons Questions Over Tax and Spending Plans
Eleven British Seafarers Receive Merchant Navy Medal
Which? Creates Fake 10 Downing Street Rental Listing to Expose Booking.com Vetting Weaknesses
BP Appoints New Chairman in Effort to Stabilise Leadership
Aberdeen Sells Hydrogen Bus Fleet at Heavy Loss After Green Transport Experiment
UK Records Hottest Summer on Record as Climate Change Intensifies Extreme Heat
Scotland Pledges to End Temporary Accommodation for Children and Build 111,000 Affordable Homes
DNO Agrees $396 Million Deal to Acquire Capricorn Energy
Uber and Wayve Launch UK’s First Supervised Autonomous Ride-Hailing Service in London
Britain Expected to Avoid New US Tariffs Targeting European Union
Middle East Conflict Pushes UK Energy Costs Higher and Revives Inflation Concerns
×