Dorsey pushes back vs. "founder-led" companies in resignation letter
- Dan Primack, author of Axios Pro Rata
Photo Illustration: Sarah Grillo/Axios; Photo: James Brickwood/Fairfax Media via Getty Images
Jack Dorsey on Monday took aim at Silicon Valley's conventional wisdom that tech companies are best served when their founder retains control while explaining his rationale for resigning as Twitter's CEO:
“There’s a lot of talk about the importance of a company being ‘founder-led.’ Ultimately I believe that’s severely limiting and a single source of failure. I’ve worked hard to ensure this company can break away from its founders and its founding.”
Be smart: Dorsey led Twitter but, unlike some of his peers, he didn't have voting control. In fact, there was an activist investor campaign in early 2020 to push Dorsey out of Twitter, but the two sides reached an arrangement that kept him in place.
- It's also worth noting that Twitter's new chairman, Bret Taylor, is a top executive at founder-led Salesforce.
Look ahead: Dorsey's comments raise questions about his future at digital payments company Square, which he both leads and controls.