Twitter cofounder Jack Dorsey has revealed that he tried to bring on tech billionaire and now X owner, Elon Musk, on the board of the social media company twice.
What Happened: Dorsey, in a recent interview with Pirate Wires, disclosed that he had attempted to bring Musk onto Twitter’s board on two occasions, but the board had turned down his requests.
Despite the rejections, Musk, who had a strong affinity for X, ended up acquiring the social media company after a series of controversial events in 2022.
Amid his attempts to bring in Musk and his eventual exit from the company he co-founded, Dorsey was put off by the entry of an activist CEO.
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
“When our activist came in, I offered to step down as CEO and the board wanted to go in a different direction. I didn’t want to be on a board with an activist. I didn’t want to run a company like that. It’s just a Wall Street mess."
"So, at that point, I’m like, okay, I have to plan an exit,” Dorsey explained.
This set off a chain of events between Musk and X's management at the time for several months.
"I had tried to get Elon on the board for some time. He obviously loves Twitter," said Dorsey, explaining why he wanted to bring Musk on board in the first place.
"I tried to get him on the board twice before, but the board ultimately said no both times. Which also was one of the reasons I left, the second time that that happened."
Dorsey stepped down as Twitter's CEO in November 2021, weeks before Musk started scooping up shares of the company.
Why It Matters: Dorsey and Musk's friendship goes way back, and the two tech personalities also share a lot in common. After Musk left Meta Platforms Inc.'s Instagram, Dorsey followed in his footsteps.
Musk also admires Dorsey and has publicly said he wanted Dorsey to remain on Twitter's board.
Musk acquired Twitter in a $44 billion deal after months-long back and forth, closing the purchase in October 2022.
Check out more of Benzinga's Consumer Tech coverage by following this link.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photos courtesy: Wikimedia and Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
