Twitter Founder Jack Dorsey Slams Company Over Elon Musk Purchase Offer

Twitter founder and former CEO Jack Dorsey took to the platform Sunday to criticize the social media company's board with a series of tweets over Tesla CEO and SpaceX founder Elon Musk's purchase offer.

The criticism from Dorsey came in response to a tweet from Garry Tan, founder of Initialized capital, that read: "the wrong partner on your board can literally make a billion dollars in value evaporate."

Another user quoted a Silicon Valley proverb that reads: "good boards don't create good companies, but a bad board will kill a company every time," to which Dorsey responded "big facts."

Another user responded that Twitter's ups and down in the history of its board are "mired in plots and coups, particularly amongst Twitter's founding members."

Dorsey, who has 6.2 million Twitter followers, then criticized the board, posting: "it's consistently been the dysfunction of the company."

A Twitter user asked him, "Are you allowed to say this?" and Dorsey responded "no," though it is unclear what he was specifically referring to.

Dorsey is expected to leave Twitter's board this year. He owns a little over 2% of the company he founded with a net worth of $7.3 billion.

Musk, with a net worth of $264.6 billion and 82.4 million Twitter followers, tweeted on Saturday, "wow, with Jack departing, the Twitter board collectively owns almost no shares."

"Objectively, their economic interest is simply not aligned with shareholders," he added.

Musk has made many cryptic tweets amid the controversy, which has split social media and Wall Street experts over whether his newfound 9.2% stake and influence over Twitter is a good thing or a bad thing.

One of his more recent tweets came either as he was listening to an Elvis Presley song or considering another offer to Twitter's shareholders. Musk offered to buy the company for $43 million, or $54.20 a share, but as many predicted on Friday the board rejected Musk's offer. Instead, the board of directors introduced a "poison pill."

That "poison pill" means "if any person or group acquires beneficial ownership of at least 15% of Twitter’s outstanding common stock without the board’s approval, other shareholders will be allowed to purchase additional shares at a discount," according to CNBC.

The plan will expire on April 14, 2023.

As of Monday at 12:12 p.m. ET, shares of Twitter were trading at $46.79, up $1.71, or 3.80%.