After Twitter’s 2022 meeting of shareholders on Wednesday, Jack Dorsey stepped down from the company‘s board of directors. This means that all of the social media giant’s founders have severed their official ties with the business.
Dorsey, Elon, and the Board
Back in December, Dorsey stepped down as Twitter’s CEO to be replaced by Parag Agrawal. However, he made clear that he’d be staying on the team until about May to assist Agrawal with the transition.
In the meantime, the billionaire has levied subtle criticisms of the board’s governance and internal disputes over Twitter itself. He’s explained that Twitter’s existence as a company – not just a platform – is his “biggest regret”.
Given this, he supports Elon Musk’s recent decision to buy out Twitter and make it a private company, considering it a step in the right direction.
The Tesla techno king closed a deal with Twitter in April to buy out the company for $44 billion. His aim is to make the platform a haven for free speech that isn’t so censorious – especially for the political right.
However, he announced this month that the Twitter deal was on hold, spurring speculation that he’d never intended to buy the platform in the first place. At today’s shareholder meeting, Twitter’s top brass refused to respond to questions about their deal with Musk.
Dorsey has since been accused of “backstabbing” Twitter’s board for reportedly encouraging Musk to buy the company, according to former Product VP Jason Goldman.
The co-founder reportedly told Musk in a private discussion that Twitter would be better handled as a private company, according to an SEC filing. Days later, Musk rejected joining Twitter’s board and attempted to buy the company outright.
Full Time on Bitcoin?
As of now, Jack Dorsey remains the CEO of Block – aka “Block Head” – where his company builds various products for supporting the Bitcoin ecosystem. These include plans for a global Bitcoin mining system, and attempts to create a decentralized Bitcoin exchange.
Block contains a Bitcoin dedicated sub-company known as Spiral, which has developed a free developer kit for integrating the lightning network into various apps. Block’s other products have already taken advantage of the kit – including CashApp, which can now both send and receive lightning transactions.
As of now, over 10 million users have bought Bitcoin through the same app.