Jack Dorsey once called Elon Musk the ‘singular solution’ for taking Twitter private. Now, the app’s co-founder says Musk never should have bought it: ‘I think he should have walked away
Elon Musk is no longer the singular solution Jack Dorsey trusts to run Twitter. At least, that’s what the former CEO of the social media company posted online on Friday.
When users on Dorsey’s Twitter-alternative site Bluesky asked if he felt Musk had proven to be the “best possible” steward for the site, the Twitter co-founder flatly said he was not.
In response to Musk’s suitability as a steward for Twitter, Dorsey expressed his disagreement, stating that he did not think Musk acted appropriately after realizing his poor timing, nor did he think the board should have compelled the sale, as the situation deteriorated.
In the past year, Elon Musk’s actions both before and after the acquisition of Twitter have been met with criticism from various quarters, including industry leaders and Twitter users.
Some have even gone so far as to boycott the platform due to Musk’s controversial approach, which included antagonizing advertisers and implementing sweeping layoffs.
Dorsey also pointed out that if Elon Musk or anyone else had wanted to acquire Twitter, they could have done so by offering a price that the board deemed more attractive than the company’s independent prospects.
According to Dorsey, this is the case for all publicly traded companies. While he was optimistic about the acquisition, he did not have the final say in the matter. Dorsey believes Musk should have backed away and paid the $1 billion asking price.
Despite the challenging acquisition process, Elon Musk had the option to withdraw from the deal and pay a billion-dollar break-up fee. However, he ultimately went through with the acquisition, buying the social media company for $44 billion in October. Dorsey, on the other hand, retained his shares in the company.
It is noteworthy that Dorsey’s recent criticism of Musk represents a significant change from his previous praise of the Tesla CEO, which occurred a year earlier.
In April of last year, before the acquisition was finalized, Dorsey expressed his support for Musk’s vision for Twitter in a series of tweets. He commended Musk’s aim to make the social media platform “maximally trusted and broadly inclusive,” stating that it was the correct goal to pursue.
Dorsey previously expressed his belief that Twitter should not be owned or operated by any single individual or entity. In a tweet, he stated that Twitter should function as a public good at the protocol level rather than as a company.
However, he acknowledged that since Twitter is a company, Elon Musk was the only individual he trusted to address the challenges associated with its corporate structure. He praised Musk’s mission to expand the light of consciousness.
After acquiring Twitter, there has been a notable increase in hate speech on the platform. Despite Elon Musk’s commitment to establishing a content moderation council to decide on the removal of harmful posts, no such council has been established.
Musk also polled Twitter users on whether he should resign, pledging to accept the results, but he has not stepped down and continues to serve as the current CEO of the site.
Despite the disruption caused by Elon Musk’s acquisition of Twitter, the platform, which had previously struggled to generate profits, has reportedly achieved break-even status, according to Musk’s recent announcement.
Insider reached out to both Dorsey and Musk for comment on the matter, but they have not responded as of publication time. The press email for Twitter provided an automated response when contacted for comment by Insider.
Elon Musk’s acquisition of Twitter may have caused some disruption, but despite that, the platform has achieved break-even status, according to a recent announcement by Musk.
Twitter, like many social media platforms, has struggled to generate consistent profits. However, achieving break-even status means that the company’s revenue has exceeded its costs, resulting in neither a profit nor a loss. This is a significant milestone for Twitter as it indicates that the company is moving in a positive direction financially.
It’s not clear what specific disruptions Musk’s acquisition may have caused for Twitter, but it’s possible that changes to the company’s leadership or strategy could have contributed to any disruptions. However, without more information, it’s difficult to say for certain.
Overall, if Twitter has indeed achieved break-even status, it could be seen as a positive development for the company and its investors. It suggests that the company’s efforts to improve its monetization strategies and generate more revenue are paying off.
There has been a notable increase in hate speech on Twitter since Elon Musk’s acquisition of the platform. It’s not clear what evidence or data supports this claim, but if true, it could be a cause for concern as hate speech can contribute to online harassment, discrimination, and violence.
To address the issue of harmful content on Twitter, Musk pledged to establish a content moderation council that would decide on the removal of harmful posts. However, according to the statement, no such council has been established. It’s unclear why the council has not been established, but it’s possible that there were logistical or operational challenges involved.
Furthermore, Musk polled Twitter users on whether he should resign from his position as CEO, pledging to accept the results of the poll. However, according to the statement, he has not stepped down and continues to serve as the current CEO of the site.
It’s worth noting that content moderation on social media platforms is a complex issue, and there are often challenges involved in implementing effective moderation policies.
While Musk’s commitment to addressing harmful content on Twitter is commendable, it’s important to hold him and the platform accountable for any promises made and to continue to advocate for effective content moderation practices.
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