In a surprising twist in the tech world, former Twitter CEO Jack Dorsey has teamed up with Tesla and SpaceX founder Elon Musk to challenge the Twitter board, signaling a potential seismic shift in the platform’s direction. Despite Dorsey being a board member, both billionaires have united against what they perceive as a dysfunctional leadership group that is out of touch with shareholder interests.
Their partnership is rooted in mutual respect and shared values, particularly their enthusiasm for cryptocurrency. Both Musk and Dorsey are notable investors in Bitcoin, with Tesla holding approximately 432,000 bitcoins valued at around $1.71 billion, while Dorsey’s fintech company Block has invested 8,027 bitcoins worth $317.3 million. Their shared vision for digital currencies reflects a broader trend, as global interest in cryptocurrencies grows amid discussions about establishing central bank digital currencies.
Musk’s interest in acquiring Twitter became public in April when he offered to buy the company for $43 billion. However, the Twitter board responded with a “poison pill” strategy to thwart his plans. Musk has criticized the board’s actions, arguing they are not acting in the shareholders’ best interests, and he aims to eliminate board salaries if his bid succeeds.
Dorsey, who has previously supported Musk during challenging times, now stands firmly beside him in this battle. Their combined stakes in Twitter—Dorsey at 2.25% and Musk at 9.2%—give them significant leverage against the board. With Musk’s recent increased bid of $46.5 billion, the duo is poised to either secure control of Twitter or potentially create a new social media platform that could rival it.
As they navigate this high-stakes confrontation, the dynamic between Musk and Dorsey not only promises to reshape Twitter but could also redefine the landscape of social media altogether. Their collaboration exemplifies how powerful alliances in the tech industry can lead to transformative changes, leaving the future of Twitter hanging in the balance.
