Jack Dorsey Has Stepped Down From Twitters Board of Directors

Jack Dorsey, the founder and former head of Twitter (#TWTR.N), left the board of directors of the social network. He announced his decision to leave the company back in November 2021. However, he officially left the board only at the annual meeting on May 25, the day his contract ended. Investors fear this situation is related to the potential purchase of Twitter by Elon Musk. Such news could negatively affect the company's share price. 🤔

Why did Jack Dorsey leave Twitter?

In the summer of 2006, Jack Dorsey was promoted to CEO of Twitter as the company's founder. However, in 2008 he stepped down from his post, but he took it up again in 2015.

Subsequently, Jack Dorsey continued to work at Twitter and on other projects of his own. Then, in 2021, he began moving away from the social network he had once founded to focus on his other project, the Block payment system formerly known as Square. That was also when he resigned from Twitters board of directors. The company reported that he would retain his post "until his term expires at the 2022 shareholder meeting". That happened on May 25. 📌

Dorsey's departure from Twitter marks the end of an entire era in the social network's history, where he has worked since its inception. Right now, the future of the platform seems uncertain-the company is in the process of being taken over by billionaire Elon Musk, who is considered unpredictable, and not all employees are optimistic about the upcoming changes.

Recently it became known that at the May 25 shareholder meeting, there was another event: the board of directors voted for the exit of Egon Durban, the head of the private equity firm Silver Lake and a supporter of Elon Musk.

Afterward, Dorsey supported Elon Musk's acquisition of Twitter and regretted that investors and advertisers owned the microblogging network. He stressed that Twitter should be "not a company, but a public good. 👇🏻

What does it mean for investors?

At the moment, it is difficult to predict how investors will react to the events on Twitter. So far, the share price has been falling for the third week in a row due to the news about the sale of the Company to Elon Musk. Nevertheless, everything will depend on when the deal is completed and whether it will succeed.

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