Twitter Inc. (NYSE:TWTR) dropped around 1% in pre-trading session as the co-founder and former CEO Jack Dorsey has infrequently lacked candor in describing the company he once led.
Dorsey expressed sorrow for ever allowing the app to become a corporation in his most recent evaluation of the status of the social media platform. In response to a query on whether Twitter turned out the way he had initially intended it to, Dorsey stated in a recent tweet that “the greatest issue and my biggest regret is that it became a company.”
In a different tweet in response to a similar query, Dorsey provided further details on what his first vision for the network had been. “A protocol,” stated Dorsey, alluding to the typical ownership structure used by businesses utilizing blockchain technology.
Information can flow through these networks safely because protocols, which have long been used to control information transfers like email and instant messaging, are now directing blockchain systems like Bitcoin and other cryptocurrencies.
Since blockchain networks are decentralized and do not need to be managed by a centralized organization like a firm like Twitter, protocols are essentially the only police and monitoring force present on them. This is something Dorsey hates happening to his platform.
Dorsey wrote “Def can’t be owned by a state, or company. Becomes clearer every day.” “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 added.
One of Musk’s primary reasons for purchasing Twitter was so he could take the business private. According to Musk in his letter announcing the offer, doing so was essential for the platform to “get through the adjustments that need to be done.”
Since the takeover agreement was first made, Twitter’s stock price has fallen precipitously. In response, the business has sued Musk for “irreparable harm” to the company’s reputation and ordered him to complete the acquisition.
