Jack Dorsey, the co-founder of Twitter, has expressed his belief that billionaire Elon Musk is not the right person to run the social media giant. Musk purchased Twitter for $44 billion, with Twitter agreeing to sell itself to Musk for $54.20 per share, a 38% premium over the company’s share price before he revealed himself as the firm’s largest shareholder.
However, Dorsey has since given a negative assessment of Musk’s actions as CEO. Dorsey said Musk’s timing was bad and the board should not have forced the sale, adding that “it all went south.”
Dorsey and Musk had previously been on good terms, and Dorsey even referred to Musk’s acquisition of Twitter as “the singular solution I trust.” Musk implemented various changes to Twitter’s operations, including shrinking the employee-base by about 80% and introducing a paid service for Twitter-verified blue ticks. Dorsey criticized the latter move, calling it a “trap.”
While Twitter is reportedly “roughly breaking even,” Musk has made changes to boost revenue, such as returning blue ticks to accounts with over one million followers.
Dorsey apologized to current and former staff for growing the company too quickly, but he rolled over his 18 million shares into the Elon Musk era of the company instead of taking a payout. This means that he will be one of the company’s biggest investors and contributed roughly $1 billion to Musk’s $44 billion purchase.