Elon Musk says Jack Dorsey exits Twitter board

“I’m a fan of Jack btw. Wish he would stay on the board, but I understand that he needs to move on,” Musk wrote in a tweet.

Jack off the board!

— Elon Musk (@elonmusk) May 26, 2022

Media reports said that the move to leave the board had been in the work since Dorsey stepped down as the CEO in 2021. Indian American Parag Agrawal replaced him at the helm of the microblogging company.

Musk announced last month that he will take control of Twitter in a $44 billion deal. Following the announcement, Dorsey expressed his approval of the Tesla founder.

“In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness,” Dorsey said on Twitter.

Meanwhile, the Twitter deal has not been smooth-sailing for Musk. Earlier this week, he was sued by Twitter Inc investors claiming he manipulated the company’s stock price downward. The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5% of Twitter by March 14. They asked to be certified as a class and to be awarded an unspecified amount of punitive and compensatory damages.

They also named Twitter as a defendant, arguing the company had an obligation to investigate Musk’s conduct, though they are not seeking damages from the firm.