Ex-Twitter CEO Dorsey slams board's 'dysfunction' after response to Musk's buyout bid
Elon Musk offered to buy Twitter last week for $43 billion
UBS managing director and senior portfolio manager Jason Katz discusses Elon Musk's Twitter fiasco and whether the U.S. has seen peak inflation.
Former Twitter CEO Jack Dorsey slammed the board's "dysfunction" as it handles billionaire Elon Musk's offer to purchase the company.
"If [you] look into the history of Twitter board, it’s intriguing as I was a witness on its early beginnings, mired in plots and coups, and particularly amongst Twitter’s founding members. I wish it could be made into a Hollywood thriller one day," a Twitter user posted Sunday on the platform.
CONSERVATIVES CELEBRATE MUSK'S TWITTER STAKE AS 'WIN' FOR FREE SPEECH: 'HEROIC AND PUBLIC SERVING'
Dorsey responded: "it’s consistently been the dysfunction of the company."
Another Twitter user responded by asking if he's allowed to publicly say that. Dorsey simply responded, "no."
Musk offered to buy Twitter last week for $43 billion after saying he had become the company's largest shareholder with a 9.2% stake. The Vanguard group soon surpassed him as the largest stakeholder after it reportedly acquired 10.3 percent of the company.
Jack Dorsey, left, and Elon Musk. (Reuters / Reuters Photos)
Twitter's board said Friday that they would set up a plan to block Musk’s attempts to make the purchase.
ELON MUSK AGREES WITH TWEET SAYING 'GAME IS RIGGED' IF HE CAN'T BUY TWITTER
Dorsey also responded to another tweet Saturday that quoted venture capitalist Fred Destin saying, "Good boards don't create good companies, but a bad board will kill a company every time."
"big facts," Dorsey responded.
Dorsey currently sits on Twitter's board, but will leave at the end of his term, which is scheduled in May at the 2022 meeting of shareholders.
Jack Dorsey attends the cocktail party hosted by Chrome Hearts X Jordan Barrett at La Maison Du Caviar on June 22, 2019 in Paris, France. (Victor Boyko/Getty Images for Chrome Hearts / Getty Images)
Musk tweeted Saturday that with Dorsey leaving the board, "the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders."
Dorsey and Musk have a friendly relationship, with the former Twitter CEO calling Musk his favorite "influential" tweeter in 2019 and previously inviting him to Twitter to discuss product ideas, according to Bloomberg.
Musk, who has described himself as a "free speech absolutist," criticized the social media site last month for failing to uphold free speech.
"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," Musk tweeted on March 26. "What should be done?"
Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. 1, 2020. Tesla Inc. will be added to the S&P 500 Index in one shot on Dec. 21, a move tha … (Liesa Johannssen-Koppitz/Bloomberg via Getty Images / Getty Images)
He then made moves to acquire a large stake in the company and made an offer to buy it.
CLICK HERE TO READ MORE ON FOX BUSINESS
Twitter has long come under fire from conservatives and free speech advocates for censoring conservative viewpoints. The tech giant permanently banned former President Donald Trump from the platform in 2021, blocked the New York Post’s story in 2020 on Hunter Biden’s notorious laptop, and locked conservative satire site The Babylon Bee out of its Twitter account in March for awarding transgender Biden administration official Rachel Levine a fictitious "Man of the Year" award.
Fox News Digital's Caitlin McFall contributed to this article.