Criticism of Elon Musk's management

Jack Dorsey, the founder of Twitter, has expressed his strongest disapproval of Elon Musk's leadership of the social media platform, stating that Musk has not been an ideal steward for the site and should not have acquired it. Dorsey's criticisms were shared on Bluesky, a social network he helped start, in a series of reply posts on Friday night. This highlights how Musk's unpredictable leadership has led to disillusionment among even his once-close friends and powerful allies, and underscores a rising backlash against his tumultuous tenure, which has caused advertisers to flee and users to seek alternative platforms.

According to Dorsey, who previously endorsed Elon Musk's takeover of Twitter, the Tesla CEO should have paid $1 billion to withdraw from the deal to acquire the social media platform. However, in a stark reversal of his previous stance, Dorsey criticized Musk's leadership of Twitter in a series of posts on Bluesky. Dorsey said he no longer trusted Musk's mission to extend the light of consciousness and that Musk did not act appropriately after pursuing the site and realizing his mistake. Dorsey also expressed his belief that the company's board should not have forced the sale, and that things ultimately went wrong.

Elon Musk did not provide a response to Dorsey's criticism. On Friday night's episode of "Real Time with Bill Maher" on HBO, Musk discussed his leadership of Twitter, his meeting with U.S. Senate Majority Leader Charles E. Schumer, and his concerns about the political left's rhetoric. According to Musk, Twitter was on a fast track to bankruptcy and drastic action was necessary. In October, Musk took over Twitter after acquiring a significant stake in the company earlier that year. He initially accepted and then rejected a board seat, ultimately launching a hostile takeover attempt in April with an offer of $54.20 per share, valuing the company at $44 billion.

By late April, the Twitter board had accepted Musk's buyout offer, which involved taking the company private. The terms of the deal included a $1 billion "breakup fee" penalty that Musk would have to pay if he decided to withdraw from the agreement, with experts suggesting that he could have owed more than that. However, Twitter's valuation declined significantly after the deal, due to economic pressures affecting both the company and Tesla's stock, resulting in a sharp decrease in Musk's net worth. Musk then announced his intention to back out of the deal, and Twitter responded by suing him to force him to complete the acquisition. After several months of legal disputes, which included a countersuit by Musk, they eventually agreed to proceed with the deal in October, and it was finalized later that month for $44 billion.

Under Musk's leadership, Twitter has undergone significant changes, including a sharp reduction in staff, an intense work environment, and a complete overhaul of the user experience. The platform has shifted towards a subscription-based model and curated feeds designed to show users content that they are more likely to engage with. Since Musk's takeover, Twitter's workforce has been reduced by approximately 80 percent.

Dorsey has previously apologized for the company's rapid expansion, which resulted in Musk's decision to lay off around 50 percent of the staff. However, Dorsey has also criticized Musk's decision-making, using Twitter to express his disagreement with Musk's choice to rename the "Birdwatch" feature to "Community Notes," for instance.

According to a previous report by The Post, Dorsey had transferred his $1 billion Twitter stake to Musk's privatized Twitter. In his posts on Friday, Dorsey did not accept any responsibility for Musk's acquisition of the company, stating that every company is available for sale to the highest bidder, and the board had no other option but to accept Musk's offer.

Dorsey further stated that he was optimistic at the time, but he did not have the final say on the matter. He also mentioned that he wished the board had not forced the sale, adding that there might have been a chance, but now it is impossible to know. Concerning Musk's decision to complete the purchase instead of paying a $1 billion penalty to terminate it, Dorsey opined that Musk should have walked away and paid the $1 billion.

Bluesky, a decentralized social media system that aims to prevent a single entity from controlling the user experience, was started by Dorsey while he was still CEO of Twitter. Although Twitter has made investments in Bluesky, it has become a separate company with its own CEO. The platform has been attracting prominent Twitter users in recent days, some of whom have grown disillusioned with Twitter under Musk's leadership.

When a user commented that "It's pretty sad how it all went down," Dorsey responded with a simple "Yes."

Criticism of Elon Musk's management