Jack Dorsey will reportedly leave Twitter’s board of directors yesterday May 25 – 16 years after co-founding the firm.
He is expected to stand down ahead of the $44billion takeover by Tesla magnate, Elon Musk.
According to the business news website The Street, Dorsey was set to leave Twitter on Wednesday May 25.
Dorsey stepped down as CEO of the company in the fall, handing the reins to Parag Agrawal. He founded Twitter with Noah Glass, Biz Stone, and Evan Williams in 2006.
News of Jack Dorsey leaving the Twitter board comes after a former company veteran and ex-director accused him of stabbing his company’s board in the back by serving up the social media platform on a platter to Elon Musk.
Jason Goldman, the former vice president of Product and member of Twitter’s founding team referenced events that transpired on April 5, the day after chairman Bret Taylor and CEO Parag Agrawal reached an agreement to bring Musk on as a director in exchange for not expanding his stake beyond 14.9%.
During a meeting that the Tesla CEO had requested, Dorsey “shared his personal view that Twitter would be able to better focus on execution as a private company,” according to an SEC filing by Twitter.
This suggests the cofounder, who served on the board alongside Taylor and Agrawal, encouraged Musk to buy the company outright.
“That to me is just a clear backstabbing of the board by the founder when they had a deal in hand to come to a standstill,” Goldman said in the interview.