Jack Dorsey steps down from Twitter board: report – Fox Business

Twitter co-founder Jack Dorsey has stepped down from the company’s board effective today, according to The Hill.

The move was not unexpected following Tesla CEO Elon Musk‘s multi-billion-dollar bid to purchase the platform.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The announcement comes on the same day that Twitter held its annual shareholder meeting.

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

Jack Dorsey Twitter

Jack Dorsey creator, co-founder, and Chairman of Twitter and co-founder & CEO of Square  (Photo by Joe Raedle/Getty / Getty Images)

Dorsey stepped down as the company’s CEO in November, with the company announcing that Parag Agrawal, who had been its chief technical officer, would replace Dorsey and take his seat on the board.

Dorsey has been highly critical of Twitter’s board, saying in an April tweet that it has “consistently been the dysfunction of the company.”

Twitter’s board announced last month that it would accept Musk’s offer to purchase the company for $44 billion.

Musk put his initial plans to purchase the social media platform on hold earlier this month due to what he said were concerns about spam and fake accounts on the platform.

Ticker Security Last Change Change %
TWTR TWITTER INC. 37.16 +1.40 +3.91%

Dorsey tweeted his support for Musk’s acquisition of the platform last month.

Agrawal declined to offer an update on the status of Musk’s $44 billion acquisition at the social media giant’s shareholder meeting, citing “regulatory and other reasons.”

CLICK HERE TO READ MORE ON FOX BUSINESS

Though Musk did not attend the shareholder meeting, he was mentioned on the call numerous times by various shareholders whose proposals called for appointing a board member with expertise in human and civil rights, conducting an audit analyzing Twitter’s impact on civil rights and non-discrimination and publishing a report on its lobbying activities and expenditures. 

Elon Musk at the Metropolitan Museum of Art

Elon Musk attends The Metropolitan Museum of Art’s Costume Institute benefit gala celebrating the opening of the “In America: An Anthology of Fashion” exhibition on May 2 in New York. (Photo by Evan Agostini/Invision/AP / AP Newsroom)

Leave a comment

Your email address will not be published.