Jack Dorsey resigns from Twitter board as Elon Musk fine-tunes his buyout offer

Twitter co-founder Jack Dorsey has formally resigned from his seat on the social media company’s Board of Directors. His departure from the Twitter Board had been planned since last year.

When Dorsey stepped down as Twitter’s CEO last November, he stated that he would remain on the social media platform’s Board of Directors through the end of his term. This term expired on Wednesday.

Dorsey’s departure comes at a rather sensitive time for Twitter. The social media company had accepted a $44 billion buyout from Tesla CEO Elon Musk, who had offered to acquire Twitter for $54.20 per share. Following an SEC filing where Twitter stated that it believes less than 5% of its users are bots, however, Musk paused the acquisition.

Twitter’s executives have pushed back on Musk’s pause, stating that the social media company is looking to move forward with the acquisition under its original terms. Musk, for his part, has demanded clearer data on Twitter’s bot users. He also teased that he is open to renegotiating an updated buyout price.

Dorsey had been one of Musk’s supporters in his efforts to acquire Twitter. In a series of posts on the platform, Dorsey stated that he believes Musk would be able to lead the social media company in a sound direction.

“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one. This is also (Parag Agrawal’s) goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path. I believe it with all my heart,” Dorsey wrote.

Dorsey founded Twitter in 2006, and since then, he has served as the company’s CEO twice. He also serves as the CEO of payments company Block, which is formerly known as Square.

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