A new leak of text messages between Twitter’s co-founder Jack Dorsey and the billionaire Elon Musk reveals what happened behind the scenes before the billionaire decided to buy the company. Now, as Elon Musk wants to get out of the deal for buying the social media company the court made the messages public. They reveal what was going on before the announcing of the deal.
The text messages reveal that Twitter co-founder Jack Dorsey actually tried to put Elon Musk on the company’s board long before Elon decided on such a major step to obtain the whole company. According to the messages, Jack Dorsey ‘tried his hardest’ to get Elon a seat on the board, but the board unanimously declined the proposition.
Twitter Co-Founder Jack Dorsey Wanted Elon Musk On The Company’s Board Before He Left In November
“Back when we had the activist come in, I tried my hardest to get you on our board and our board said no. That’s about the time I decided I needed to work to leave, as hard as it was for me.” – Jack Dorsey’s message to Elon Musk back on March 26. “I think the main reason is the board is just super risk averse and saw adding you as more risk. Which I think is completely stupid and backward. But I only had one vote, and 3% of the company, and no dual-class shares. Hard setup. We can discuss more.”
Twitter’s destiny takes a completely different turn after this, as nearly at the same time, the company welcomes in a new activist. That activist is Elliott Management, an investor that immediately began a move to advocate the expelling of Jack Dorsey as the CEO. From this point on, the chances of Elon getting to the board are continuously getting lower.
The text message conversation between the duo is reflecting more on what happened before Musk decided to buy the company. Before Elon Musk and Twitter entered the infamous $44 billion deal. A couple of months later – Twitter and Elon Musk are in a legal dispute over the same thing – the agreement. Before Elon Musk made the bid, he appeared doubtful on whether to join the board of directors or not. He received offers to be on the board, but ultimately he declined them and announced the deal.
Elon Musk had some ideas before deciding to obtain Twitter. He thought of a way to verify all users on Twitter are human by making the algorithm open-source. This was Jack Dorsey’s idea as well. However, this doesn’t stop here. In order to verify yourself on the platform as ‘not a bot’ Elon Musk thought of implementing payments. For each tweet you make you’ll need to pay some symbolic amount.
“I have an idea for a blockchain social media system. A system that does both payments and short text messages/links like Twitter. You have to pay a tiny amount to register your message on the chain. Which will cut out the vast majority of spam and bots. There is no throat to choke, so it guarantees free speech.” – Elon Musk wrote to Steve Davis, the Boring Company’s CEO, before making the bid. “My Plan B is a blockchain based version of Twitter, where the ‘tweets’ are embedded in the transaction of comments. So you’d have to pay maybe 0.1 Doge per comment or repost of that comment.”
In October, Musk will step into the Delaware Court for the scheduled trial about the backing off from the deal. Twitter sued Elon and tries to push him into a forceful acquisition of the company at the agreed price. A price which, to be honest, is way over the real worth. The company uses this fact as a building stone for the case. Claiming that Elon Musk cannot get away from the deal after he agreed on the price and signed the deal.
Twitter claims that the stock market price of the company and the drop in wealth of the billionaire shouldn’t be a deal breaker. Especially not now, when they signed the deal. However, Musk on the other side claims that his backing off has nothing to do with the price. He is fleeing the deal due to one reason only – the misrepresentation of the number of spam/fake accounts.
The text messages between the billionaires, Jack Dorsey and Elon Musk, reveal the reason behind Dorsey’s departure.
“Yes, we need a new platform. It can’t be a company. This is why I left.” – Jack Dorsey told Elon Musk in one of the messages. Elon Musk decided to dig in and ask why Jack Dorsey feels like this. He requested an explanation of what he thinks the platform should look like. “I believe it must be an open source protocol. Funded by a foundation of sorts that doesn’t own the protocol, only advances it. A bit like what Signal has done. It can’t have an advertising model.” – Dorsey replied.
Signal is an encrypted messaging application with no advertisements. And in Twitter, currently, the main source of income comes from exactly, advertisements. Almost 90% of Twitter’s money comes from ads.
“It should have never been a company.” – Dorsey confessed to Musk. “That was the original sin.”
It is no secret that Jack Dorsey is a close friend and a big supporter of Elon Musk. He doesn’t shy away to endorse his friend publicly, and ironically, on Twitter. However, it shows that he shows his support privately as well.
“I appreciate you. This is the right and only path. I’ll continue to do whatever it takes to make it work.” – Jack Dorsey told Musk.
https://www.youtube.com/watch?v=wcg-2IMxEdg
