Shulou(Shulou.com)11/24 Report--

On the morning of September 30, Beijing time, it was reported that before the current legal dispute between Twitter and Elon Musk was made public, Jack Dorsey, former chief executive of Twitter, wanted Musk to join the company's board of directors. However, other directors did not support Mr. Dorsey's proposal, according to court documents released Thursday local time.

In a text message to Musk on March 26, Mr Dorsey said: "the board is just very risk-averse and believes that your participation will bring greater risk." More than a week later, Musk did announce his plan to join Twitter's board, but his approach was to offer to buy Twitter.

Shortly after agreeing to buy Twitter for $44 billion, Mr Musk changed his mind again and tried to pull out of the deal. Twitter is trying to force Mr Musk to comply with a previous acquisition agreement through a lawsuit. The trial will take place at the Delaware Court of Chancery in mid-October.

In edited court documents, Mr Dorsey said he thought the board's approach was "downright stupid and retrogressive", but explained that his power was limited because "I only have one vote, a 3 per cent stake in the company and no design for AB shares. It's a difficult situation."

Dorsey and Musk have been discussing Dorsey's idea that Twitter should be an "open source agreement" run by a foundation, not a company. Musk replied that the idea was "very interesting".

Mr Dorsey said he planned to "do the job and correct our mistakes" after leaving Twitter's board in mid-May. He even said that it was Twitter's "original sin" to develop into a company. Musk said: "if I can help, I would be happy to do it."

Mr Dorsey told Mr Musk that he wanted to talk to Mr Musk again about the idea after he had "fully figured it out" and that he had "tried to get him to join the board when activist investors intervened". But the board rejected the offer at the time.

Dorsey did not specify who the activist investors mentioned here were, but Twitter was involved in a dispute with activist investor Elliot Management as early as the beginning of 2020. Paul Singer, founder of Elliot at the time, thought it would be a problem for Dorsey to run both Twitter and Square (now renamed Block), so he tried to replace him. Twitter then reached an agreement with Elliot and Silver Lake to allow Dorsey to keep his job.

According to Dorsey, after the board rejected Musk's entry, "at that time, I made up my mind that I needed to leave, even though it was difficult for me."

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