Jack Dorsey, the founder and former CEO of Twitter, has criticized Elon Musk for his leadership of the social media platform since his $44 billion takeover in July 2022.
In an interview on Twitter competitor Bluesky, which Dorsey helped create, he admitted that he was wrong to have trusted Musk as the “singular solution” for the company.
Dorsey Criticizes Twitter Board for Musk Acquisition, Advocates for Decentralized Network.
Dorsey’s comments come after months of layoffs and technical failures at Twitter, which he says have left the company a shadow of its former self.
Musk’s commitment to “free speech” has also been controversial, with many users complaining that the platform has become a haven for hate speech and misinformation.
When asked by a Bluesky user whether Musk was the best steward for Twitter, Dorsey answered unequivocally: “No. Nor do I think he acted right after realizing his timing was bad.”
Dorsey also placed blame on Twitter’s board, which enforced the acquisition deal with Musk.
He suggested that the board should not have forced the sale and that the company should now focus on building something new to avoid similar problems in the future.
“I’m happy that Bluesky and its team of developers exist and are building a decentralized network that will avoid the fate of the blue bird app,” he said.
Dorsey’s comments mark a significant departure from his earlier praise for Musk’s entrepreneurial vision and leadership.
Dorsey believed Musk should have paid $1 billion penalty
In 2017, Musk made an attempt to acquire Twitter, but the deal fell through. Dorsey has now expressed his belief that Musk should have paid the $1 billion penalty outlined in the takeover agreement to back out of the deal.
“I wish the board would not have forced the sale. Maybe there was a chance, but now we’ll never know,” Dorsey stated, as reported by the Washington Post. “I think he should have walked away and paid the $1b.”
However, CNBC has explained that the penalty only applied if Musk was unable to complete the takeover due to external factors, which was not the case.
Dorsey clarifies his role in Twitter’s acquisition
Dorsey clarified that despite his endorsement of Musk, he did not have the final say in approving the sale of Twitter.
He also expressed his agreement with a Bluesky user who commented on how the situation was handled.
Dorsey funds Bluesky and joins board
Dorsey funded the team that later became Bluesky while he was still CEO of Twitter in 2019, and in 2022, he joined the company’s board.
He has also contributed 14 bitcoins, worth about $245,000 at the time, to fund the development of nostr, another decentralized social media protocol.