Jack Dorsey quits Twitter amid a takeover bid for Musk

Twitter co-founder Jack Dorsey is stepping down from the company’s board of directors as of today, an expected move that comes amid Tesla CEO Elon Musk’s multibillion-dollar bid to buy the platform.

“As we shared back in November, Jack will be leaving the Board of Directors when his term expires at the 2022 shareholder meeting,” a Twitter spokesperson said in a statement to The Hill.

NBC News reported that a stakeholder meeting took place on Wednesday.

The co-founder’s departure comes a month after Twitter announced an initial deal to sell itself to the world’s richest man for $44 billion.

However, Musk halted his initial plans to buy the social media platform earlier this month due to what he said were concerns about spam and fake accounts on the platform.

Musk and Dorsey are said to be friendly.

Dorsey has been highly critical of Twitter’s board of directors, Tweet in April It has “consistently been a dysfunction of the company”.

Dorsey resigned as CEO of the company in November, with the company announcing that Parag Agrawal, who had been chief technical officer, would replace Dorsey and take over the position of its board of directors.

In a statement about the announcement, Dorsey said Agrawal had been a transformative force during his 10 years at Twitter.

“I’ve decided to leave Twitter because I believe the company is ready to move forward with its founders,” Dorsey said at the time.

Twitter recently launched a new initiative to deal with misinformation on the platform, saying that it will stop amplifying and promoting content related to reported crises to mislead users and will place warnings on tweets that violate the new policy as well.

Dorsey Tweet his support About Musk’s takeover of the platform, saying in a thread that his biggest mistake when he was the CEO of Twitter was leaving it owned by Wall Street.

“Elon’s goal of creating a platform that is “ultimately trusted and at scale at scale” is the right one. That’s also @paraga’s goal, and why I chose it. Thank you both for getting the company out of an impossible situation,” Dorsey said on his Twitter thread.

“This is the right path… I believe in it with all my heart,” he added.