Wednesday, June 29, 2022
BusinessTwitter co-founder Jack Dorsey quits board, decided before Musk deal was closed

Twitter co-founder Jack Dorsey quits board, decided before Musk deal was closed

Ahead of the $44 billion deal between US billionaire Elon Musk and Twitter , company co-founder Jack Dorsey has resigned from the company’s board.

Dorsey, the former Twitter CEO, has left the company’s board of directors, after which the current CEO Parag Agarwal will take all the responsibility.

Let us tell you, Musk has put the deal on hold for the time being and is waiting to get the correct information from the social media company about the fake / spam accounts.

Left the post of Twitter CEO last year

Jack Dorsey stepped down as Twitter CEO in November last year and handed over the responsibility to Indian-origin Parag Agarwal .

Parag was then handling the responsibility of the company’s CTO and is now in a key role in the deal with Elon Musk.

In November 2021, the company said that Dorsey would remain on the board “until the term expires at the 2022 stockholders’ meeting”.

Read Also | Elon Musk to be the next CEO of Twitter, may replace Parag Agarwal

Dorsey didn’t want to be Twitter CEO again

Jack Dorsey had earlier made it clear that he would never become the CEO of Twitter.

Actually, reports had claimed that Jack Dorsey could return after Twitter’s deal with Musk was closed.

Jack Dorsey, who is currently the CEO of financial payments platform Block (formerly Square), said that no one should be the CEO of Twitter.

There are indications that Musk himself may become the temporary CEO.

Parag Agarwal, who succeeded Dorsey as Twitter CEO, joined Twitter in 2011 as a software engineer and became the Chief Technology Officer (CTO) on March 8, 2018. Parag has worked with Microsoft, Yahoo and AT&T Labs.

Another member’s company board discharged

According to a TechCrunch report, the Twitter hoard voted out Egon Durban, a current board member and close aide of Elon Musk , in a meeting with shareholders on Wednesday.

Let us tell you, Durban is currently in the role of CEO of a private equity firm named Silver Lake Partners.

In the year 2018, Durban along with Musk tried to make Tesla a private company, but could not succeed in this.

That’s why the Twitter deal has been put on hold

Elon Musk put the deal on hold after Twitter claimed that the number of fake or spam accounts on the platform was less than five percent.

At the same time, Musk claims that the number of such accounts is four times that of the claim, i.e. about 20 percent.

He said that the company CEO is unable to provide evidence that less than five percent of the spam or fake accounts are on the platform.

Read Also | Elon Musk temporarily holds Twitter deal, reason given in tweet

Priority to remove spam and fake accounts

Before closing the deal, Musk wants to be sure about the number of spam and fake accounts.

They have clarified that removal of such accounts is a priority.

In fact, a recent report by Twitter has claimed that less than five percent of monetizable daily active user accounts fall under the spam or fake category.

After deleting these accounts, all accounts will be able to be monetized apart from making the platform secure.

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