Twitter founder Jack Dorsey is stepping down from the Board of Directors today. He stepped down from the CEO position in November 2021, relinquishing the position to the chief technology officer (CTO) Parag Agrawal.
It was also stated during the announcement last year that Dorsey would remain on the board until Twitter’s stockholder meeting in 2022. The Twitter stockholder meeting took place today.
Jack Dorsey co-founded the social media platform in 2006 and was the founding CEO. He was however forced out of the post in 2008 but returned to lead the company as CEO in 2015.
This marks the end of an era as Jack Dorsey is no longer involved with Twitter as he now focuses on his other company, Square, a financial services and digital payments company which he co-founded with Jim McKelvey.
Twitter is now waiting on the outcome of Elon Musk’s bid to acquire the company which he has put on hold. Elon Musk made an offer of $44bn for 100% of the social media company but has put the offer on hold due to his opinion that the percentage of spam/fake accounts is more than 5%.
Though most of the Twitter Board members are apprehensive of Elon Musk’s takeover of the company, Jack says “Elon is the singular solution I trust… I trust his mission to extend the light of consciousness.” Hmmm!
In a related event, Reuters reports that Twitter’s investors blocked the re-election of Egon Durban, an ally of Elon Musk to the board at an annual meeting on Wednesday. Now Egon Durban is the co-head of private equity firm Silver Lake, who partnered with Tesla (TSLA.O) CEO Musk on his abandoned bid to take the electric carmaker private.
