Home News Jack Dorsey Steps Down from Twitter Board amid Elon Musk’s Acquisition Plan

Jack Dorsey Steps Down from Twitter Board amid Elon Musk’s Acquisition Plan

Jack Dorsey is no longer a part of the Twitter board amid Elon Musk’s acquisition plan. The Tesla CEO has currently put the Twitter buyout plan on hold.

Former Twitter CEO Jack Dorsey has stepped down from the Twitter board. Dorsey was previously rumored to rejoin as the Twitter CEO but he put an end to speculations by revealing that he would not return as the CEO of Twitter ever again. Dorsey’s thoughts align with Elon Musk, who is currently in the midst of taking over Twitter. However, the $44billion deal has currently been put on hold for multiple reasons.

The reason behind Dorsey’s exit from the Twitter board does not come as a shocker. That is because Dorsey was destined to leave the board from the day he stepped down as the CEO. When he left, the company had made an announcement stating that he would remain a part of the Twitter board “until his term expires at the 2022 meeting of stockholders.”

Dorsey is currently spearheading the financial payments platform Block, which was formerly known as Square. Dorsey had dismissed the reports of returning as the CEO of Twitter after the Musk takeover. He in fact reiterated that nobody should be the CEO of Twitter.

Dorsey resigned as the Twitter CEO in November 2021. Although he did not reveal the exact reason behind leaving the company, it is believed that the Twitter board is trying to replace him in 2020, citing his lack of innovation and divided attention.

“After almost 16 years of having a role at our company, from co-founder to CEO to Chair to Exec Chair to Interim CEO to CEO, I decided it is finally time for me to leave. I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey had said about his resignation in an email to his employees.

Post Dorsey’s exit, Twitter CTO Parag Agrawal was elevated as the CEO of the company. Agrawal, an IIT Bombay alumni , joined Twitter 11 years ago after briefly working at AT&T, Yahoo, and Microsoft. In 2017, he became Twitter’s CTO. Dorsey was full of praise for Agarwal in his exit email to employees.

Twitter’s future is currently in jeopardy. Tesla CEO Elon Musk, who was in the process of taking over Twitter, had announced on May 17 that he is putting the deal on hold unless Twitter proves its claim that fake and spam accounts account for less than 5 per cent of Twitter users. Agarwal in a separate tweet had rubbished Musk’s claims of 5 per cent spam, bot accounts.