Twitter founder Jack Dorsey revealed Tuesday that he gave up fighting against censorship in early 2020 after an “activist” investor — almost certainly billionaire vulture capitalist Paul Singer — started gobbling up Twitter shares in a bid to oust him as CEO.
Singer, the founder of Elliott Investment Management, is a pro-Israel megadonor to the GOP who funded the Steele dossier and bought off Republican representatives to get them to surrender to the LGBT agenda.
He purchased a massive stake in Twitter in 2020 for at least $387 million, installed Elliott partner Jesse Cohn on Twitter’s board and successfully lobbied to have Dorsey booted as the CEO of his own company and replaced with the far worse puppet Parag Agrawal.
Dorsey expressed his regrets in a statement on his blog on Tuesday:
There’s a lot of conversation around the #TwitterFiles. Here’s my take, and thoughts on how to fix the issues identified.
I’ll start with the principles I’ve come to believe…based on everything I’ve learned and experienced through my past actions as a Twitter co-founder and lead:
1. Social media must be resilient to corporate and government control.
2. Only the original author may remove content they produce.
3. Moderation is best implemented by algorithmic choice.
The Twitter when I led it and the Twitter of today do not meet any of these principles. This is my fault alone, as I completely gave up pushing for them when an activist entered our stock in 2020. I no longer had hope of achieving any of it as a public company with no defense mechanisms (lack of dual-class shares being a key one). I planned my exit at that moment knowing I was no longer right for the company.
The biggest mistake I made was continuing to invest in building tools for us to manage the public conversation, versus building tools for the people using Twitter to easily manage it for themselves. This burdened the company with too much power, and opened us to significant outside pressure (such as advertising budgets). I generally think companies have become far too powerful, and that became completely clear to me with our suspension of Trump’s account. As I’ve said before, we did the right thing for the public company business at the time, but the wrong thing for the internet and society.