Sections of this topic
In this article, we’ll look at the reasons behind Jack Dorsey’s belief that Elon Musk was the “only alternative” for Twitter’s survival and the potential consequences of this acquisition.
Key Takeaways:
- Dorsey defends Musk as the “only alternative” to a Wall Street takeover.
- Twitter may not have survived as a public company without Musk’s intervention.
- Dorsey admits Musk might not be the “best possible” leader for Twitter.
- Previously, Dorsey showed support for Musk and his role in the company.
- Acquisition faced legal battles and bad timing, leading to difficulties.
Dorsey’s Defense of Musk
Jack Dorsey, Twitter’s co-founder, has come forward to defend Elon Musk as the “only alternative” for the social media platform’s continued existence.
Dorsey shared his thoughts on Bluesky, a social media platform he supports, which has been dubbed “skeets” by its users.
He expressed his belief that Musk was the sole viable option to prevent Twitter from being taken over by “Wall Street activists.”
This statement comes even though Dorsey acknowledges that Musk may not be the “best possible” leader for the company.
The Alternative: Wall Street Takeover
Dorsey’s comments bring attention to the potential threat of Twitter being acquired by hedge funds and Wall Street activists.
He argues that such a takeover would have been detrimental to the company’s future.
The social media giant might not have survived as a public company without Musk’s intervention, Dorsey contends.
He poses a rhetorical question to Insider’s Thomas Maxwell: “Would you rather have had it owned by hedge funds and Wall Street activists?”
Assessing Musk’s Leadership
Despite defending Musk’s acquisition, Dorsey concedes that the Tesla CEO might not have “acted right” when he recognized the “bad” timing of the deal.
Musk’s realization led to a legal battle between Twitter and the billionaire, which was eventually settled at the original offer price.
Dorsey implies that Musk’s leadership has room for improvement, but he remains steadfast in his belief that Musk was the only alternative to a Wall Street takeover.
From Support to Criticism: Dorsey’s Changing Stance
Dorsey’s relationship with Musk has evolved over time. Initially, he made warmer comments about the entrepreneur, even stating in 2016 that Musk’s Twitter account was one of his favorites.
Last year, Dorsey expressed his happiness about Musk joining Twitter’s board after the SpaceX co-founder took a stake in the company.
He tweeted that Musk “deeply cares” about the world and the role Twitter plays in it.
However, Dorsey’s recent comments on Bluesky reveal a shift in his stance, as he now offers criticism of Musk’s handling of the acquisition.
Legal Battles and Bad Timing
After stock markets shifted following Musk’s offer to buy Twitter, the billionaire attempted to withdraw from the deal.
This move prompted a legal battle between the company and Musk before the acquisition was eventually completed at its original offer price.
Dorsey described the situation on Bluesky, saying, “It all went south.”
Twitter’s response to Insider’s request for comment came in the form of an automated email that did not address the query.
Conclusion
While Jack Dorsey acknowledges that Elon Musk may not be the ideal leader for Twitter, he maintains that Musk’s acquisition was the only viable option to save the company from being taken over by Wall Street activists.
Dorsey’s stance on Musk’s involvement has evolved, but the consequences of the acquisition remain to be seen as the company faces challenges in its new ownership.
