Twitter’s former boss Jack Dorsey steps down from the company board

In the midst of Elon Musk’s Twitter deal, former Twitter boss Jack Dorsey has stepped down from the Twitter board of directors. Musk is currently fighting with the company to reveal the actual number of fake/spam accounts on the microblogging platform.

Dorsey quit as Twitter CEO in November last year, handing over the baton to Indian-origin Parag Agrawal who was then the CTO of the company. At the time, Twitter noted that Dorsey would stay on the board “until his term expires at the 2022 meeting of stockholders”.

Jack Dorsey steps down from the Twitter board

Dorsey has categorically said that he will never be the CEO of Twitter again, as reports of him rejoining the micro-blogging platform surfaced after the $44 billion takeover by Musk.

Dorsey, who is now running a financial payments platform Block (earlier Square), also said that no one should be the CEO of Twitter.

At the shareholders’ meeting on Wednesday, Twitter’s board voted to oust board member and Musk ally Egon Durban, CEO of private equity firm Silver Lake Partners, reports TechCrunch.

Durban led Musk’s deal team during the 2018 failed effort to take Tesla private.

Musk has put the $44 billion Twitter deal on hold over the presence of fake/spammy accounts and wants the micro-blogging platform to come clean on the actual number of bots.

20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.

My offer was based on Twitter’s SEC filings being accurate.

Yesterday, Twitter’s CEO publicly refused to show proof of <5%.

This deal cannot move forward until he does.

— Elon Musk (@elonmusk) May 17, 2022

Elon Musk reduces dependency on Tesla shares for the Twitter deal

For the unversed, Elon Musk has decided to reduce his dependence on Tesla stock for the Twitter deal. The billionaire has decided to provide an additional $6.25 billion in equity financing for his $44 billion Twitter takeover. With the latest announcement, his total equity commitment has reached $33.5 billion.

(With inputs from IANS)

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