In recent comments made on Bluesky, a social media platform backed by Twitter co-founder Jack Dorsey, Dorsey referred to Elon Musk as the “only alternative” to Twitter being taken over by “Wall Street activists”. Despite Musk not being the “best possible” leader for the company, Dorsey claimed that Twitter would not have survived as a public company without Musk’s involvement.
Dorsey’s comments come in the wake of several attempts to take over Twitter by activist investors, who often seek to gain control of a company’s board and influence its direction. In this context, Dorsey’s claim that Musk was the only alternative to “Wall Street activists” suggests that he saw Musk as a more favorable leader for the company than outside investors.
However, Dorsey also acknowledged that Musk had not “acted right” when he realized the “bad” timing of a potential acquisition. It is unclear what acquisition Dorsey is referring to, but it is possible that he is alluding to an attempt by Salesforce to buy Twitter in 2016.
At the time, reports suggested that Salesforce had dropped its bid due to concerns about Twitter’s abuse and harassment problem, as well as its declining user growth.
In response to a question from Insider’s Thomas Maxwell, Dorsey said that Twitter’s failure to avert the takeover was due to its lack of dual class shares. Dual class shares are a type of stock that give founders and insiders greater voting power than other shareholders, which can help protect against hostile takeovers. Dorsey argued that not having dual class shares was a key factor in Twitter’s vulnerability to outside investors.
Dorsey’s comments suggest that he sees Musk as a better alternative to outside investors because Musk would be more aligned with Twitter’s values and goals. Musk has been an outspoken critic of Facebook and other social media platforms, and has expressed a desire to create a new social network that would be more decentralized and less prone to abuse and manipulation.
Musk has also been a vocal advocate for cryptocurrencies, which could potentially benefit Twitter if it were to adopt a crypto-based business model.
However, Dorsey’s comments also raise questions about Musk’s suitability as a leader for Twitter. While Musk has been successful in building several highly innovative and disruptive companies, including Tesla and SpaceX, he has also faced criticism for his erratic behavior and controversial statements on social media.
Musk has been known to make impulsive tweets that have landed him in legal trouble, and has been accused of spreading misinformation and promoting conspiracy theories.
Despite these concerns, Dorsey has previously spoken positively about Musk’s use of social media. In 2016, Dorsey called Musk’s Twitter account one of his favorites, praising Musk for using the platform to correct the press and focus attention on important issues. Dorsey has also expressed admiration for Musk’s dedication to solving global problems, such as climate change and space exploration.
In conclusion, Dorsey’s recent comments about Elon Musk and Twitter suggest that he sees Musk as a more favorable leader for the company than outside investors. While Musk’s track record as a visionary entrepreneur and innovator may make him an attractive choice for some, there are also concerns about his suitability as a leader for a major social media platform. Ultimately, it will be up to Twitter’s board and shareholders to decide whether Musk is the right person to take the helm of the company.
Dorsey’s comments also highlight the challenges that Twitter has faced in recent years, as the company has struggled to grow its user base and monetize its platform effectively.
Despite being one of the most influential social media platforms in the world, Twitter has faced intense competition from Facebook, Instagram, TikTok, and other platforms that have gained significant market share in recent years.
In response to these challenges, Twitter has pursued a number of strategies aimed at revitalizing its platform and driving growth. These include launching new features such as Spaces, a Clubhouse-style audio chat feature, and Super Follows, which allows users to monetize their content and earn money from followers.
Twitter has also focused on improving its content moderation policies and cracking down on abusive behavior and hate speech, which has been a major problem on the platform for years.
Despite these efforts, Twitter’s future remains uncertain. The company has faced criticism from both the left and the right for its handling of controversial content, and its business model has come under scrutiny in the wake of the rise of cryptocurrencies and decentralized platforms.
Whether Elon Musk or another leader can successfully navigate these challenges and steer Twitter towards long-term success remains to be seen.
In the end, Dorsey’s comments about Musk and Twitter reflect the complex and evolving nature of social media and its role in our society. While social media platforms like Twitter have the potential to connect people, facilitate communication, and drive social change, they also pose significant risks and challenges.
As we look to the future of social media, it will be up to all of us to engage in thoughtful and responsible dialogue about how we can use these platforms to create positive change and address the pressing issues of our time.
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