Bloomberg — Jack Dorsey, former CEO of Twitter Inc. (TWTR) sought to incorporate Elon Musk to the board of directors of the social network long before the company and the billionaire reach a purchase agreement that now has them facing each other in court.
Dorsey pushed to add Musk to the Twitter directory shortly after activist investors began campaigning for a change in the company in 2020, according to new text messages shared as part of Twitter’s ongoing lawsuit against Musk.
The Dorsey’s plan was rejected out of caution by the Twitter board, he wrote in a private message to Musk in March of this year. In his conversation, Dorsey specifically lamented the fact that Twitter was a publicly traded company rather than an openly available technology protocol that anyone could develop, like email.
Musk replied that he would “like to help if I can”, after which Dorsey mentioned that he had already been thinking of ways to get Musk more involved in the company.
“I wanted to talk to you about it after I was all clear” about serving on the Board, Dorsey wrote, “because he cares so much, understands its importance, and could definitely help in immeasurable ways.”
In another message, Dorsey wrote: “When we had the activist arrive, I did my best to get you on our board, and our board said no. That was the moment when I decided that I needed to work to leave, despite how difficult it was for me.” Dorsey said Twitter’s board is “risk averse” and saw Elon add “more risk” to the company. “Which I thought was completely stupid and backwards,” he wrote. Dorsey resigned from Twitter’s board in May..
Musk reached out to another Twitter board member, Egon Durban of Silver Lake, later that day and was soon in contact with Twitter CEO Parag Agrawal and Chairman Bret Taylor about a possible position at Twitter. board.
Musk backed out of his $44 billion offer to buy the social networkalleging that the company had not reliably communicated to him the number of spam and bot accounts among its more than 230 million users.
Twitter says this is a pretext to get out of the deal over which the world’s richest person began to experience buyer’s remorse, and filed a suit against him in the Delaware Court of Chancery.
Read more at Bloomberg.com
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Ex-Twitter CEO sought to integrate Musk to the board of directors before the purchase agreement