Jack Dorsey loads the board after blocking Elon Musk

Elon Musk has a new ally in his quest to buy Twitter. Jack Dorseyco-founder of the social network, against the board in a series of tweets for blocking Musk’s offer. In the first of them, Jack agreed with Tren Griffin, a senior Microsoft executive, who quoted the sentence “Good meetings don’t create good businesses, but a bad meeting kills a business every time” by investor Fred Destin.

In the same thread, a user mentions that the Twitter forum story is for a Hollywood movie thanks to the storylines and successes between the founding members. Jack again agreed with the user and said that the board has always been the dysfunction of the company.

Although Jack is not allowed to comment on this, the Twitter co-founder answered in several threads related to the purchase. In mention the infamous 2008 incident, when the board sided with Evan Williams and Dorsey resigned as CEO. “When I was fired in 2008 and made chairman, the board took most of my stock away from me,” he revealed.

The statements come after Twitter’s board told the SEC that will activate the poison pill to stop Elon Musk. The decision sets a 15% limit for shareholders, and if it is exceeded, mechanisms are activated to discourage hostile takeover bids, such as diluting the value of the shares. Twitter said the goal was to protect shareholders from coercive or unfair takeover tactics.

Jack Dorsey, Elon Musk and investors agree on Twitter Board

It is worth mentioning that aside from Jack Dorsey, the board members have a miniscule stake in the company. According to seasoned Wall Street investor Gary Black, the interests of the current directors are not aligned with those of the shareholders. “If they refuse to act in the best interest of the shareholders, they must be removed and replaced by new members who understand their fiduciary obligations”, mentioned.

This sentiment is shared by other investors, such as Garry Tan, who tweeted than a bad partner on your board can make $1 billion worth of your business evaporate. “It’s not the only reason behind every failed start, but it’s the story behind a large percentage of them,” he said.