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Business News/ News / World/  Elon Musk Vs Twitter: Company's founder Jack Dorsey reveals his 'biggest regret'
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Elon Musk Vs Twitter: Company's founder Jack Dorsey reveals his 'biggest regret'

Jack Dorsey stands to receive $978 million if the agreement for billionaire Elon Musk to buy Twitter is completed

Twitter founder Jack Dorsey (AFP)Premium
Twitter founder Jack Dorsey (AFP)

Twitter Inc founder and former chief executive Jack Dorsey has said that he regrets the social media platform became 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.

Dorsey stands to receive $978 million if the agreement for billionaire Elon Musk to buy Twitter is completed.

On the kind of structure that Dorsey wished Twitter would operate, the former CEO 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.

Twitter is embroiled in multiple struggles.

The company has sued Musk for trying to walk away from his $44 billion offer to buy Twitter. A former executive turned whistleblower has accused Twitter of misleading federal regulators about its security measures to protect against hackers and spam accounts.

Musk has said misleading information put out by Twitter about the number of spam and bot accounts gives him a valid reason to exit his $54.20-per-share bid for the platform. Twitter counters he’s legally handcuffed by the merger agreement and must consummate the deal.

Meanwhile, the Delaware Chancery Court, which is hearing the legal battle between Elon Musk and Twitter Inc, ordered the social media company to hand over more information about spam and bot accounts to Musk.

Delaware Chancery Court Judge ruled Twitter must turn over information about 9,000 accounts it surveyed last year in hopes of identifying which had human beings attached to them. Twitter sought to deny Musk access to this “historical snapshot" on privacy and other grounds.

While Twitter has to hand over details on the 9,000 accounts, Judge Kathaleen St J McCormick warned they are subject to strict confidentiality rules. “The historical-snapshot data that I have ordered produced is highly sensitive," the judge said, adding that Musk’s lawyers agreed to “treat this data as highly confidential."

At a hearing, one of Twitter’s lawyers worried about Musk’s propensity for sharing confidential data in some of his tweets. Bradley Wilson, one of the platform’s attorneys, reminded McCormick that Twitter was being asked to turn over user data to “someone who publicly mocked" the company and threatened to disclose its internal data.

Both sides are jockeying for position as they prepare for an October 17 trial, sending out a spate of subpoenas to equity investors, advisers, and banks involved in the proposed acquisition. Earlier this week, ex-Twitter CEO Jack Dorsey was subpoenaed along with whistle-blower Peiter Zatko, who raised concerns about the bot issue before being fired from the platform.

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Published: 26 Aug 2022, 06:25 AM IST
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