PBA Reporter
Founder and former chief executive of Twitter, Jack Dorsey, has tweeted that he regrets that the micro blog became ended up as a company.
“The biggest issue and my biggest regret is that it became a company,” Dorsey tweeted in response to a question about whether Twitter turned out the way he had envisioned.
When asked about what structure he wished Twitter would operate under, Dorsey said that it should be “a protocol” and that Twitter should not be owned by a state or another company.
If it were a protocol, Twitter would operate much like email, which is not controlled by one centralized entity, and people using different email providers are able to communicate with one another.
You would recall that the social media platform is currently embroiled in multiple struggles.
The company had sued Musk for trying to walk away from his $44 billion offer to buy Twitter. A former executive turned whistleblower had accused Twitter of misleading federal regulators about its security measures to protect against hackers and spam accounts.
Prime Business Africa did recall that some months ago, Elon Musk notified Twitter, he was terminating the much-vaunted deal according to a letter sent by a lawyer on his behalf to the company’s chief legal officer.
But Twitter’s board chair, Bret Taylor, said the company was still committed to closing the deal at the agreed-upon price and plans to pursue legal action to enforce the agreement.
“We are confident we will prevail in the Delaware Court of Chancery,” Taylor wrote.
Twitter shares were down about 6% after hours on Friday.
In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler said that “Twitter has not complied with its contractual obligations.”
Ringler claimed that Twitter did not provide Musk with relevant business information he requested, as Ringler said the contract would require. Musk has previously said he wanted to assess Twitter’s claims that about 5% of its monetizable daily active users (mDAUs) are spam accounts.
“Twitter has failed or refused to provide this information,” Ringler claimed. “Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”
The billionaire also claimed, Twitter breached its obligations under the agreement to get his consent before changing its ordinary course of business, pointing to recent layoffs at the company.
You will also recall that while Musk plots the grand coup of walking away, this saga is likely far from over. This is because under the terms of the agreement, Musk agreed to pay $1 billion if he backs out. But as Twitter’s board chair indicated they would do, the company can seek to hold Musk to his original deal by suing him for walking away if they dispute that his reasoning should let him out of the contract.
Another reason Twitter would apparently cling to seeking to hold Musk to his original terms was that Twitter’s stock has fallen considerably since the board announced it had accepted his offer to buy the company at $54.20 per share.
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