A trove of messages sent by Elon Musk has emerged leading up to an upcoming trial between Twitter Inc TWTR and the Tesla Inc TSLA CEO.
What Happened: Twitter founder Jack Dorsey told Musk in the messages that he quit being the CEO of the social media platform because a “new platform is needed.”
“It can’t be a company. I believe it must be an open source protocol, funded by a foundation of sorts that doesn’t own the protocol, only advances it,” he said.
“If it has a centralized entity behind it, it will be attacked," Dorsey added. "This isn’t complicated work, it just has to be done right so it’s resilient to what has happened to Twitter.”
Musk responded by saying, “Super interesting idea.”
Dorsey told Musk through the messages that he would quit the Twitter board in May and then “work and fix our mistakes,” adding that making Twitter a company was “the original sin.”
Musk in return said, “I’d like to help if [I] am able to.”
See Also: How To Buy Tesla (TSLA) Stock
Why It Matters: Dorsey told Musk that when activist investors came in, he tried his hardest to get Musk on Twitter’s board, but the board said “no.”
The former Twitter CEO told the world's richest person that Twitter’s board was “super risk averse” and saw adding Musk as “more risk.”
Dorsey said he thought this was “completely stupid and backwards.” He told Musk that he only had one vote and 3% of the company and no dual-class shares — it was a “hard set up.”
Both Musk and Dorsey agreed that doing something “decentralized” was the best option.
Dorsey tweeted a song by Radiohead titled “Everything In Its Right Place” after the news of Musk’s Twitter takeover became public in April.
Dorsey was deposed in the Twitter lawsuit that resulted after Musk said he was not going ahead with purchasing the platform.
Price Action: Twitter shares closed 1.18% lower at $42.74 on Thursday, according to data from Benzinga Pro.
Photo: Courtesy of Tesla Owners Club Belgium
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