Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “The company would have never survived as a public company,” Dorsey claimed, adding: “I wish it were different,” but that some of Twitter’s revenue initiatives prior to Musk’s takeover “would not have mattered given market turn.” “This is true for every public company.”Īsked whether he felt any responsibility for the role he played in the transaction, Dorsey, who served on Twitter’s board at the time, said he was not the only person who authorized the deal and that Twitter’s “only alternative” to Musk was an acquisition by “hedge funds and Wall Street activists.” “If Elon or anyone wanted to buy the company, all they had to do was name a price that the board felt was better than what the company could do independently,” he said. Confronted by criticism from other Bluesky users that Twitter could have gone in a different direction, Dorsey argued that there was nothing stopping someone else from outbidding Musk. Now, though, Dorsey appears to believe Musk was an imperfect choice. “I trust his mission to extend the light of consciousness,” Dorsey proclaimed at the time.ĭorsey also rolled over his more than 18 million shares in Twitter (a roughly 2.4% stake) into the new Musk-owned company as an equity investor, rather than receiving a cash payout, according to a securities filing after the deal was completed. When Musk’s deal to purchase Twitter was first announced, Dorsey said that so long as Twitter had to be owned by a single person or company, “Elon is the singular solution I trust.” They also come after numerous exchanges in recent months where Dorsey has publicly questioned some of Musk’s decision-making.Ī year ago, Dorsey was quick to heap praise on Musk. Under Musk, Twitter has slashed most of its staff, suffered frequent service disruptions and made a number of controversial changes to its policies and features, including a recent decision to remove blue checks from VIP users who don’t pay to be verified.ĭorsey’s reflections, outlined in Bluesky posts reviewed by CNN, highlight the Twitter founder’s growing disillusionment with Musk. Twitter, which has cut much of its public relations team under Musk, didn’t immediately respond to a request for comment. “But it happened and all we can do now is build something to avoid that ever happening again.” Twitter's former CEO has a new app that looks a lot like Twitter Jack Dorsey on stage at the Bitcoin 2021 Convention at the Mana Convention Center in Miami Joe Raedle/Getty Images
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