Internet Technology
- Monday, May 1, 2023 09:00 (GMT+7)
- 09:00 5/1/2023
“Twitter is getting worse,” says Jack Dorsey.
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He believes Elon Musk should have walked away from the $44 billion deal earlier. Photo: NDTV . |
Twitter founder Jack Dorsey, who once supported Elon Musk in his $44 billion acquisition of Twitter, recently criticized the Tesla CEO, saying that Musk has failed to prove himself a good leader for the social networking company.
“I think he made a mistake in realizing that the timing of his acquisition was bad. I also don’t think it was right for the board to push for the acquisition at that time,” Jack Dorsey shared on Bluesky, the social media platform he founded with the goal of replacing Twitter.
"Musk should have canceled the Twitter deal"
On April 28, a Bluesky user posted that he was sad that Twitter was getting worse. Jack Dorsey commented, “Yes,” under the post, but also asserted that Twitter would not be able to continue operating as a public company.
“Do you want it to end up in the hands of hedge funds or Wall Street activists? That’s the only way to go if you don’t privatize Twitter,” he said.
In another post, the Twitter founder also said that Elon Musk should have walked away from the Twitter deal and paid a $1 billion termination fee.
According to him, if Elon Musk or anyone else wanted to buy Twitter, they would just have to make a bid that satisfied the board and was higher than what Twitter could bring. This is normal for any public company. “Therefore, I think Elon Musk should have pulled out of the deal and paid $1 billion in compensation,” he asserted.
According to Business Insider , the stock market slowed down immediately after Elon Musk offered to buy Twitter for $44 billion , with each share priced at $54.2 in April 2022. After that, the billionaire quickly showed that he wanted to back out of the expensive deal.
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Jack Dorsey criticized Elon Musk for not managing Twitter well. Photo: Reuters. |
His actions have sparked a tense legal battle with Twitter. The social networking company has filed a lawsuit in Delaware Court to force Musk to comply with the agreement. The technology company even intends to ask the billionaire to pay additional interest and compensation for delaying the deal.
In October 2022, Tesla CEO had to "give in" when he offered to buy Twitter at the original price of $54.2 /share to avoid the lawsuit that has caused a lot of controversy and speculation recently. "Twitter is getting worse," Jack Dorsey shared on his personal page.
Elon Musk was once the person Jack Dorsey trusted
Previously, the Twitter co-founder had always maintained a good relationship with Elon Musk, even expressing his support for him to buy the social networking company many times. Last year, he even called the South African billionaire “the only person I trust” to be the new CEO of Twitter.
“As a matter of principle, I don’t think Twitter should be owned by anyone. It should be a public service, not a private company. But if it has to be privatized, Elon Musk is the only choice I believe in,” Jack Dorsey asserted.
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Initially, Jack Dorsey thought Musk was the only person he could trust to revive Twitter. Photo: Reuters. |
However, under Elon Musk, Twitter has laid off most of its staff and faced a lot of public backlash. Among them, the plan to sell blue ticks through the Twitter Blue service has received the most mixed reactions. According to the new policy, individual users must pay $8 /month to buy blue ticks, while organizations must pay up to $1,000 .
Many people think that the new regulation makes the blue tick lose its original meaning, from an independent verification symbol to a policy of charging money to make some accounts more known. "The charge for identity verification is a scam and I disagree with this decision. The system of selling blue ticks will cost Twitter millions or even billions of users," Jack Dorsey shared on his personal Bluesky page.
According to the Guardian , the Twitter Blue rollout — from user reactions to implementation — has been a failure. Some have pointed out that the blue ticks were not completely removed from the platform's systems, appearing and disappearing for days before being removed.
Thuy Lien
Twitter criticizes Elon Musk Elon Musk Twitter Elon Musk Jack Dorsey criticizes
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