Twitter co-founder Dorsey deplores Musk deal: It all went South

World Monday 01/May/2023 08:00 AM
Twitter co-founder Dorsey deplores Musk deal: It all went South

San Francisco: Twitter co-founder Jack Dorsey has sharply criticised billionaire and SpaceX owner Elon Musk and his handling of the deal of acquisition of Twitter for USD 44 billion, reported The Straits Times.

When asked if Musk has proven that he is the best possible steward for Twitter, Dorsey said, "No. Nor do I think he acted right after realising his timing was bad. Nor do I think the board should have forced the sale." Musk tried to back out of the purchase of Twitter last year after the stock market crashed immediately after his bid. The result was a court dispute between the company and the billionaire that had to be resolved in order for the acquisition to proceed at the initial offer price, as per The Straits Times.

"It all went South," wrote Dorsey on Bluesky, the invite-only Twitter alternative that he is backing.

Twitter did not specifically address requests for comment.

Earlier Dorsey, who has known Musk for years and encouraged him to join Twitter, had expressed support for the acquisition. He referred to Musk as "the singular solution I trust" in 2022 when Musk was the owner of Twitter, according to The Straits Times.

On Friday, a Bluesky user commented that it was unfortunate how everything turned out, to which Dorsey responded "Yes". But Twitter "would have never survived as a public company," Dorsey said in another post. "Would you rather have had it owned by hedge funds and Wall Street activists? That was the only alternative."

Twitter slashed the majority of its staffers under Musk, who took over in October and faced several public issues, including those involving its plan for user verification.

For USD 8 per month, Twitter users can get a blue tick as per Musk's proposed subscription service.

On Bluesky, Dorsey said, "Payment as proof of human is a trap and I'm not aligned with that at all. "The payment systems being used for that proof exclude millions if not billions of people," he added, The Straits Times reported