Saturday, May 31, 2025

Latest

Jack Dorsey: The Last Co-Founder To Leave Twitter

Former Twitter (NYSE: TWTR) CEO Jack Dorsey has stepped down from the company’s board, making him the last co-founder of the social media enterprise to leave the firm.

The move was expected as it was announced in November 2021, when Dorsey stepped down as CEO, that he will “remain a member of the board until his term expires at the 2022 meeting of stockholders.” His term expired at the company’s 2022 shareholders’ meeting on Wednesday.

Dorsey leaves the company amid the tumultuous talks of the US$44 billion Twitter buyout by Tesla CEO Elon Musk. As part of the board, the 45-year-old American entrepreneur was instrumental in approving the deal and has been vocal about his support for Musk’s takeover.

“In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust,” tweeted Dorsey.

However, Musk is reportedly still in discussion with Dorsey, among other Twitter existing shareholders, to roll in their equity in his acquisition of the company. Dorsey still holds 2.4% equity in the firm.

Dorsey is also leaving the company amid the lawsuit filed by the US government on the firm’s violation of a 2011 privacy settlement with the Federal Trade Commission. The suit alleged that Twitter failed to inform its users that their contact information is being used to help marketers target their advertising.

The social media giant has agreed to pay US$150 million to settle the lawsuit.

Dorsey is also the founder and principal executive officer of the fintech firm Block, formerly known as Square.

Twitter last traded at US$39.01 on the NYSE.


Information for this briefing was found via NBC News, Business Today, CNN, and the companies mentioned. The author has no securities or affiliations related to FlowCarbon. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

B2GOLD Q1 Earnings: Revenue Up, Production & Cash Flow Decline

Canadian Copper: The $172M Combined Strategy PEA

G Mining Q1 Earnings: Bumps in the Road, But Still on Track

Recommended

Canadian Copper: The $172M Combined Strategy PEA

ESGold Begins Concentration Tests Ahead Of First Production

Related News

Cockfight of the Tech Chiefs: Musk Calls Zuck A Cuck, Wants To Measure Their D*cks

Egos are about to be measured literally as the ongoing feud between Elon Musk, the...

Monday, July 10, 2023, 10:24:39 AM

Twitter Attempts to Defend Its Decision To Cave To Turkish Government

Twitter earlier this week defended its decision to restrict access to some content in Turkey...

Thursday, May 18, 2023, 06:11:00 AM

Twitter: Analysts Downgrade Following Management Guidance

Twitter Inc (NYSE: TWTR) opened up down 13%, hitting a 3 month low after its...

Monday, May 3, 2021, 10:52:00 AM

Twitter Reinstates Board Director Voted Out By The Shareholders

Twitter (NYSE: TWTR) announced that it will keep one of its directors on the board...

Friday, May 27, 2022, 03:13:00 PM

Musk’s Twitter Deal Becomes Worst Merger Loan for Banks Since 2008 Crisis

The loans used by Elon Musk to finance his $44 billion acquisition of Twitter (which...

Wednesday, August 21, 2024, 03:39:00 PM