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Jack Dorsey leaves Twitter's board of directors
- snarkerson 4y ago
- boomskats 4y agoCan't think of a better time to sell up! Smart move.
- oh_sigh 4y agoWhat exactly does someone like Dorsey do on the board of directors?
- anonu 4y agoWeigh in on important decisions.
- dwg 4y agoI love the succinctness of this answer.
- thaumasiotes 4y agoYou'd think so, but it's been clear for a while that Dorsey and the board have fundamentally different views of the world and how Twitter should interact with it. His input doesn't count.
- oh_sigh 4y agoThat's what I assumed. The only BoD whose operations I am intimately familiar with has a ...slightly smaller...market cap. In that place, the BoD is basically networking central - people get put on the board if the company thinks their connections will help the company out. I suppose they also weigh in on important decisions, but bringing along their Rolodex seems like the reason they are there (and I was assuming that is not so important when you are a $40B+ globally known company)
- pfisherman 4y agoFor all the love that Action Jack gets, never forget that he had the foresight to shut down Vine.
- bluejekyll 4y agoIs this a comment about TikTok?
- rglullis 4y agoSnap before that
- hunterb123 4y agoNever heard anyone refer to Dorsey as Action Jack. If you're making a SV reference, Jack Barker (Action Jack) is largely based on Jack Welch (Neutron Jack)
- deleted 4y ago[deleted]
- strangattractor 4y agoNo surprise there - he has been trying to distance himself for some time. Not surprising they agreed to sell so fast. Now it will Musk's headache (seriously doubt the deal will go through). Musk's twitter obsession is ruining his reputation. Owning this turd will likely accelerate that.
- HWR_14 4y agoI'm curious why you doubt the deal is going to go through.
- ForHackernews 4y agoIt only costs him a billion to get out of it. It'll cost him a lot more to go through with it.
- sealeck 4y agoThat's not how it works – he has to go through with the deal unless one of the possible reasons he may back out for (and pay the US$1 billion) comes into being.
- strangattractor 4y agoIf he says that the bots inflate the number of eyeballs that is reason enough to pull out. He is already publicly implying it.
- sgarman 4y agoPublicly implying won't let him back out for free. He needs to prove twitter acted in bad faith or "material adverse effect." No such evidence has been provided. BTW material adverse effect is an very hard standard to prove it needs to “substantially threaten the overall earnings potential of the target in a durationally-significant manner."
- arcticbull 4y ago
- daenz 4y ago>What's next: Dorsey's next move remains unclear. Do founders ever feel regret when they walk away from what they became known for? If you still have drive after you leave, I imagine there is a lot of pressure to reproduce your first success. EDIT>>Removing reference to Dorsey only having one major success.
- radicaldreamer 4y agoHe also runs Square, which is arguably more successful
- daenz 4y agoYou're right! Totally forgot about Square. Though I still maintain he is known for Twitter.
- simonlc 4y agoClearly this person didn't want to do even a simple google search before commenting.
- rufusroflpunch 4y agoI don’t even think it is arguable. Square and CashApp are significantly more profitable than Twitter, I believe.
- Turing_Machine 4y agoHe was on the original Blogger team, too. It was pretty successful until Google bought it and left it to die on the vine, as they usually do.
- boeingUH60 4y agoI think it’s Evan Williams (the other Twitter co-founder) who was on the Blogger team, not Dorsey.
- Turing_Machine 4y ago
- throwaabolt 4y agoNote that these are unconfirmed rumors as of now: https://twitter.com/jack/status/1247616114769086465 https://twitter.com/jack/status/1247616114769086465
- VectorLock 4y agoTweet deleted.
- throwaabolt 4y agoOh wow. That was fast.
- crossroadsguy 4y agoWhat did it say? Way back machine doesn’t have it either.
- throwaabolt 4y ago
- onesafari 4y agoWhat did it say?
- TameAntelope 4y agoThis has literally been planned for months, if not a year.
- ultrablack 4y ago[flagged]
- VerminOctopus1 4y agoIt’s cool how words don’t mean anything anymore
- deleted 4y ago[deleted]
- rufusroflpunch 4y agoI am very excited to see what Jack can do solely focused on Bitcoin.
- natly 4y agoKind of crazy how fast this guys' reputation has been cleaned up despite being the main cause for the mess that twitter has been up until when paraga took over only a few months ago.
- andrew_ 4y agoHey at least he's acknowledged that, and expressed remorse. He took responsibility, can't ask more than that at this point.
- natly 4y agoHe said he think trump should have been let back on the platform (I'm agnostic on the matter) but he's had a year to take that action and hasn't. Point is that he's expressed remorse about several things that he easily could have made an executive decision to change but somehow hasn't. Hope does interesting stuff with crypto though.
- sg47 4y agoProbably didn't want Trump to organize another coup
- rufusroflpunch 4y agoI get the impression he felt somewhat trapped at Twitter. Between the board and the user base and the Federal government breathing down their necks, it must have been extremely difficult to actually do anything.
- natly 4y agoTo be blunt about it I feel like that's a battle he could have stepped into but was too cowardly to do so. Now he's expressing remorse in hindsight about not doing so but that doesn't earn my respect.
- timcavel 4y ago
- AHappyCamper 4y agoAdios, you bearded dark wizard
- mise_en_place 4y agoAt CEO/founder level I'd imagine one could only attend so many board meetings. Consider how many boards he is a part of, it would be hard to attend each and every one, especially for public companies.
- motohagiography 4y agoWhile the article doesn't mention whether he's selling his shares as a part of the exit from the board, wouldn't this be just the best time to sell his shares without significantly underming other investors? Charitably, when you are the largest individual shareholder you're kind of stuck, and this is a great time to extricate himself from risking the stock tanking everytime he needs liquidity as leverage for something else. Not to diminish the other shenanigans afoot in this whole transition, but Dorsey leaving the board seems like the least suspicious of everything else flying around. Having founders around at this late stage is also disruptive to any new regime. It's like a royal family whose existence acts as a percieved limit on the absolute sovereignty of a government, since if there's a slim chance to appeal to them, people will act like they can at critical moments. Twitter is a thing, it's not a person or a community, and his exit hopefully will let people look at the business more objectively.
- deleted 4y ago[deleted]
- HWR_14 4y ago> ouldn't this be just the best time to sell his shares without significantly underming other investors? Well, he knows Musk. And if Musk is about to purchase everyone's shares for $54.20, it would be a horrible time. So if he sells at Twitter's current price, everyone will assume he heard from Musk the acquisition is off, and the price will plummet. Unless, of course, he sells the shares privately to Musk. It would leave Musk below the poison pill limit (I think), and the amount probably doesn't have to be disclosed then.
- lovingCranberry 4y agoDorsey could sell his shares at any dark pool.
- HWR_14 4y agoHe would have to report that after the fact, right?
- r721 4y agoI wonder what will happen with Bluesky. >Twitter CEO Jack Dorsey first announced the Bluesky initiative in 2019 on Twitter. https://en.wikipedia.org/wiki/Bluesky_(protocol) https://en.wikipedia.org/wiki/Bluesky_(protocol)