Former CEO Jack Dorsey criticises Twitter board amid row with Elon Musk

Elon Musk gave his best offer to Jack of $54.20 for each share in cash to take over the prominent microblogging site.

The latest development on SpaceX boy Elon Musk comes to the fore. Jack Dorsey former CEO of Twitter and its co-founder revealed that Elon had offered to buy Twitter for a whopping $43 billion. Apparently, the Tesla founder Elon Musk gave his best offer to Jack of $54.20 for each share in cash to take over the prominent microblogging site. The board of directors has, for now, strong-armed Elon’s plans to take full charge of Twitter. Elon Musk has yet not shared his next move.

Jack Dorsey gave the reigns to Parag Agrawal and stepped down as the CEO of Twitter last year. Dorsey will continue to be a board member till next month due to his 2.2 % share rights.

Several Twitter users asked Jack whether could he openly reveal the happenings of Twitter’s takeover, to which he responded, “of course, I cannot!”. Jack also agreed with Gary Tan a venture capitalist, that a dysfunctional board can ruin the value of a billion-dollar project to zero.

Musk mocked Jack for leaving Twitter, stating, “With Jack gone, the board overall doesn’t own any shares, and evidently, their business interests are not aligned with the shareholders either”

In the latest filing with the US Securities and Exchange Commission, last week Elon Musk stated, “I am offering to take over Twitter for $54.20 for each share in cash, it adds up to $43 billion and this is my best upfront offer. Take it or leave it. If you take it well good for you, If not I will have to reassess my level as a shareholder. I see a lot of potential in Twitter and I look forward to take it to next level.” However, the board moved their shareholders’ rights plan to strong-arm Musk’s offer.

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