August 15, 2022
Twitter co-founder Jack Dorsey says he doesn’t plan to be CEO again

Twitter co-founder Jack Dorsey said on Wednesday that he is unwilling to take command of the social media company again, indicating his limited involvement if Elon Musk manages to successfully close the acquisition deal.

According to Refinitiv, Dorsey, who currently heads payments firm Block, owns a 2.4 percent stake in Twitter.

Since the Twitter board accepted Musk’s $44 billion (about Rs 3,41,345 crore) buyout offer on April 25, there is little clarity on the company’s new leadership after the deal closes.

Reuters reported on April 29 that Musk has named a new chief executive officer, while there are reports that the Tesla chief may temporarily take over the top position.

Dorsey has had a rough period as the head of the social media company. He was replaced as Twitter’s CEO in 2008, two years after launching the service, but took the top position again in 2015 before handing over the role to chief technology officer Parag Agarwal late last year.

Meanwhile, a recent regulatory filing revealed that Musk was in talks with Dorsey to contribute his shares to the proposed acquisition.

The announcement came soon after Dorsey backed Musk’s plan to reinstate Donald Trump’s account, saying the decision to ban the former US president was “a failure”.

Trump was permanently suspended from Twitter following the Capitol riots on January 6 for violating the platform’s rules against inciting violence, a decision the company has said was taken by then-CEO Jack Dorsey.

On Tuesday, Elon Musk said he would restore Trump’s banned account on Twitter if his deal to acquire the company is completed.

Musk unlikely to buy Twitter for $44 billion (about Rs 3,41,345 crore), say investors

“I think it was a morally bad decision to be frank and silly,” he said at the Future of the Car event organized by the Financial Times.

Backing Musk’s remarks, the Twitter co-founder said the decision to ban Trump’s account was a “failure.”

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