Elon Musk has served August 22, 2022 former Twitter boss Jack Dorsey with a subpoena in a hunt for material to help him get out of buying the giant social media platform for $44 billion as agreed.
Jim Watson | AFP | Getty Images
Before the current legal saga between Twitter and billionaire Elon Musk played out in public, ex-Twitter CEO Jack Dorsey wanted Musk on the social media company’s board. But he didn’t see the other directors going along with him, a court filing Thursday revealed.
In a text message to Musk on March 26, Dorsey wrote, “the board is just super risk averse and saw adding you as more risk.” A little over a week later, Musk did announce plans to join the board, before he changed course and offered to buy the company.
Soon after agreeing to purchase Twitter for $44 billion, Musk again changed direction and tried to back out of the deal. Twitter is suing to try and force him to hold up his end of the agreement. The two sides are set to go to Delaware Chancery Court in mid-October.
In the court filing, which is partially redacted, Dorsey said he thought the board’s approach “was completely stupid and backwards.” But, he explained, his power was limited because “I only had one vote, and 3% of company, and no dual class shares. Hard set up.”
The two billionaire entrepreneurs had been discussing Dorsey’s idea that Twitter should be “an open source protocol” funded by a foundation, rather than a company. Musk responded that the idea was “Super interesting.”
Dorsey said he planned to “do this work and fix our mistakes” once he was off the Twitter board in mid-May, saying that becoming a company was Twitter’s “original sin.”
“I’d like to help if I am able to,” Musk replied.
Dorsey told Musk he’d wanted to talk with him about the idea “after I was all clear,” adding that he’d even tried to get Musk on the board, “back when we had the activist come in.” Dorsey said that at the time, “our board said no” to the proposal.
While Dorsey didn’t specify what he meant by activist, the company was in a battle in early 2020 with activist investment firm Elliot Management, whose founder Paul Singer sought to replace Dorsey as CEO due to his split attention running both Twitter and Square (now Block). Twitter reached a deal with Elliot and Silver Lake that allowed Dorsey to keep his job.
After the board said no to adding Musk, according to Dorsey, “That’s about the time I decided I needed to work to leave, as hard as it was for me.”
WATCH: How Elon Musk’s Twitter takeover plans shook Wall Street and social media
New York City ‘strongly’ urges masks amid ‘high levels’ of COVID, flu, RSV
Daughter’s Christmas Wish Seeking Customers for Mom’s Empty Suburban Taco Shop Goes Viral on TikTok – and the Response Was Incredible
“Some Like It Hot” to open on Broadway Sunday
End of year list of the best flagship phones: HUAWEI Mate50 Pro wins with a world of opportunities of HMS and favorite apps from AppGallery
Pregnant woman found dead in home of man suspected in gas station killing
Social Security disability benefit offices reach breaking point with huge claim backlogs
Nobu Hospitality and Simon Celebrate Opening of Nobu Hotel & Restaurant at Phipps Plaza
When Postpartum Depression Shows Up as Intense Anger
37 Best Non-Alcoholic Drinks to Try In Lieu of Booze in 2022: Amass, De Soi, Monday, Kin, Ghia
Balenciaga drops lawsuit against production company North Six and lets Demna keep his job
‘The Bold and the Beautiful’: Carter Actor Lawrence Saint-Victor Discusses His Process While Writing for the Show
Do ETFs Pay Dividends? Yes, And Here’s What You Need To Know
Holliston woman, 53, killed in Bellingham rollover crash
Ringo Starr Said Drummers Aren’t ‘Treated Like Human Beings’
Crypto Hitting ‘Mother Of All Economic Crises’ Threatens North Korea
News20 hours ago
‘Next week will be poison’: Palace’s fears after first blast of Meghan and Harry series hit Netflix
Travel15 hours ago
Marriott International’s Masters of the Craft Returns
Lifestyle10 hours ago
Inside MSNBC President Rashida Jones’ Efforts to Explain and Contain the Firing of Tiffany Cross (EXCLUSIVE)
Auto10 hours ago
Mini To Introduce Fixed Prices In Europe From 2024, BMW In 2026
Tech21 hours ago
Twitter sued for targeting women and staff on family leave in layoffs
News22 hours ago
Women sue Musk’s Twitter alleging discriminatory layoffs
News20 hours ago
Dev Patel and Freida Pinto Dated For 7 Years After Playing Love Interests in ‘Slumdog Millionaire’
Lifestyle21 hours ago
Shop Walmart LivE! Savings for the Holidays