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.