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How Coinbase’s $1B crypto philanthropy ambitions left a trail of disappointment and workers in the lurch

Christian Maloba needed a job. It was February 2021, and he was a 29-year-old student in the Democratic Republic of the Congo. Maloba was taking online classes at BYU Idaho and had some time to spare, so he created a profile on the freelance platform Upwork, offering translation services. He wasn’t having much luck until a strange message popped into his inbox from someone named Joe Waltman. 

“The nature of the project is likely quite different from what you normally do on Upwork,” Waltman’s message read. “But, if it appeals to you, it could be very rewarding and may allow you to help people in your community.” 

Waltman led an organization called GiveCrypto. He explained the outfit was looking for “ambassadors,” and he’d reached out because Maloba lived in a country that scored low on the economic freedom index—a ranking put together by the Heritage Foundation, a conservative think tank.

Maloba’s job would be to find people in need who lived near enough he could visit them regularly. He would have to set them up with crypto wallets and figure out a way for them to convert donations in the cryptocurrency Ether to the Congolese franc. After each recipient received around $100 from GiveCrypto, Maloba would have to document how they spent the money. GiveCrypto would pay him $30.

“I definitely thought it was a scam,” Maloba later told Fortune. Regardless, he needed work and had been interested in crypto for a few years, so he agreed to the terms. He was an ambassador for GiveCrypto.  

What Maloba did not know was that he was joining an organization tied to Coinbase, one of the biggest crypto companies in the world. Coinbase created GiveCrypto in June 2018 and introduced it with great fanfare. Founder Brian Armstrong published a lengthy blog post where he argued that for cryptocurrency to gain mainstream adoption, it needed to be distributed directly to those in need. GiveCrypto would function as a direct giving organization, distributing cryptocurrency across the world through local “ambassadors.” 

Christian Maloba, an “ambassador” for GiveCrypto from the Democratic Republic of the Congo.

Courtesy of Christian Maloba

“If there is enough density in certain regions, we may be able to spark local crypto economies,” Armstong wrote. 

Armstrong had raised $3.5 million for the project, including $1 million of his own money. He proclaimed the goal was to grow GiveCrypto’s total pot to $1 billion in just two years. A few months later, Armstrong wrote in a separate post that GiveCrypto had hired Joe Waltman, a serial entrepreneur, as its first executive director.

“GiveCrypto was started with the goal of financially empowering those in need around the world through crypto,” a Coinbase spokesperson told Fortune.

Coinbase would be joining a storied, albeit incipient, lineage of crypto philanthropy, such as the Pineapple Fund, which had launched in 2017 to give away tens of millions of dollars’ worth of Bitcoin to nonprofits. Despite Armstrong’s lofty promises, GiveCrypto would come to represent the dark side of crypto-based charity—a mess of illogical coordination, misplaced assurances, and unpaid labor.  

“It connects all of the worst bits of the sharing economy and the gig economy to the worst parts of cryptocurrency,” said Peter Howson, an assistant professor of international development at Northumbria University. “And then obviously the outcome is horrific.”

A question of adoption

Maloba had a front-row seat to crypto philanthropy gone wrong.

After setting up a Coinbase wallet at Waltman’s instruction, Maloba figured out a way to transfer ETH into the Congolese franc through a local exchange agent who would charge a small exchange fee. He found three people in his community that he thought would benefit from the money and helped them get set up with wallets.  

“For a regular person, it was so complicated,” Maloba said. He had heard about other NGOs that operated in the area, distributing money in fiat currency, and he remembered thinking that would be much simpler. Even so, he understood that crypto education was part of the mission, so he was happy to act out his title of “ambassador.” 

“We even planned to have classes where people would come together and I would tell them what crypto is and how to use it,” he told Fortune.  

According to Howson, using philanthropy as a means of disseminating crypto’s mission—and onboarding new users—has been a dynamic since the first days of the technology. Back when Bitcoin was restricted to niche online communities and Internet Relay Chat discussions, an early heated debate centered around whether Bitcoin should be used as a funding tool for the embattled Wikileaks as a vector for spreading the cryptocurrency’s libertarian and cyberpunk ideology.  

One of the last posts from Bitcoin’s pseudonymous creator, Satoshi Nakamato, was an impassioned plea in late 2010 for Wikileaks to not try and use Bitcoin. “The heat you would bring would likely destroy us at this stage,” they wrote. 

Wikileaks would still establish a Bitcoin payments channel a few months later, with Julian Assange later citing the cryptocurrency as crucial for the site’s continued existence.  

In reality, Bitcoin and Wikileaks needed each other, Howson said. “Bitcoin couldn’t have ascended in popularity without Wikileaks,” he told Fortune. “It made Bitcoin legitimate.” 

In the ensuing years, crypto philanthropy projects would pop up during boom cycles. The most famous example was the Pineapple Fund, set up in 2017 by an anonymous individual who pledged to give away over 5,000 Bitcoins—at the time worth over $85 million—to charities focused on everything from psychedelic therapy to environmental conservation. The fund’s creator claimed to have donated all of the Bitcoins in a Reddit post in May 2018.

“Bitcoin couldn’t have ascended in popularity without Wikileaks. It made Bitcoin legitimate.” 

Peter Howson, assistant professor of international development at Northumbria University

Alex Wilson, the co-founder of a company called The Giving Block that helps charities accept donations in cryptocurrencies, was inspired by the Pineapple Fund to create his own endeavor.  

“We think crypto philanthropy is good for crypto adoption,” he said. “It creates this virtuous cycle of great press and getting people interested in crypto, which creates more crypto donors.” 

Howson took a decidedly more cynical view, especially as major exchanges like Coinbase and Binance launched their own philanthropy initiatives.  

“They’re just paying for lots of advertising space and saying, ‘Look at all the good we’re doing,’” Howson said. “Really, all they’re doing is trying to increase adoption and recruit new suckers.”

Where’s the money?

Just a couple of weeks after Waltman first contacted him, Maloba wrote back to say the process was complete—the money had been distributed, and Maloba requested his $30 payment through Upwork.  

Waltman asked Maloba to collect photos and videos of the people using the money, which Maloba recorded. One recipient was able to pay rent on his house for four months. Another used GiveCrypto’s donation for academic fees and food, and the third to pay medical bills for his sick child. 

GiveCrypto instructed ambassadors like Maloba to send over photos and videos of the recipients using the cryptocurrency funds they received, posting the content to the GiveCrypto website, as seen here.

Screenshot from GiveCrypto.org

“I felt like an angel coming to the rescue,” Maloba said.  

The next month, March 2021, Waltman told Maloba that because of his great work, Maloba would be allowed to invite 10 more people from his community to receive crypto payments.  

“Unfortunately, we can’t pay you more for this, but you will be able to help people in your community,” Waltman wrote. 

Maloba was conflicted. He’d initially gotten the job through Upwork after all, but he saw the positive impact of the transfers, despite the amount of work on his end.  

“All is well since it’s going to help people in need in my country,” Maloba responded on Upwork. “I’m still positive and hoping that I will also get something in return maybe later, hopefully.” 

“There definitely may be opportunity down the road,” Waltman replied. “Thanks for being open-minded.” 

From conversations with five other global ambassadors, Fortune learned that GiveCrypto not paying ambassadors—or abruptly cutting off payments without notice—was pervasive.

Alejandro Antich Zapata, a 33-year-old in Venezuela—where GiveCrypto mainly operated—started working with the organization in March 2019. This was during an earlier phase of the project, and Antich’s role had a much wider scope than Maloba’s. At his peak operation, Antich was working more than 40 hours a week to find recipients for payments, with the initiatives ultimately helping around 7,200 people. Unlike Maloba, GiveCrypto paid Antich a monthly salary in ETH—around $400 initially, which later increased to $600.  

It was Antich’s primary source of income, at least until the pandemic hit. In March 2020, GiveCrypto stopped operating in Venezuela without telling Antich.

“I didn’t receive any explanation, notification, or even a message from GiveCrypto,” he told Fortune. “It was confusing for me because I was not ‘fired,’ or informed in any way about the future of the projects.” 

Another Venezuelan ambassador, a 30-year-old named Humberto Urdaneta, said that during a particularly intensive phase of the project, in September 2019, he was working 12 hours a day without breaks due to the complexity of managing the money transfers and banking problems. He was helping around 100 Venezuelans receive $10 a week in ETH and convert it to bolívares. He did not receive a salary, but instead about 2% of each transaction—around $80 per month, minus the costs of hyperinflation.

Urdaneta told Fortune that he was working with GiveCrypto for the mission, not a salary. Even so, he had the same experience as Antich: GiveCrypto abruptly halted operations without explanation.

“Frankly, I felt sad,” Urdaneta said. “I thought the project was going to be implemented on a large scale in Venezuela.”

Logistical hurdles

The whiplash of GiveCrypto’s strategy and treatment of its ambassadors doesn’t appear to have been borne of ill intent, but it does reflect the difficulty of operating a global nonprofit.

Alex Wilson, The Giving Block’s co-founder, said he often has to tell donors that starting their own charity is not an effective path.  

“Crypto tends to try to reinvent the wheel when it doesn’t necessarily need to,” he said. “Crypto donors are better off partnering with or working with existing causes rather than trying to create their own new nonprofit.” 

By creating a global project focused on low-income countries—with a billion-dollar goal in two years, no less—GiveCrypto upped the ante.  

For one, it had to figure out cross-border payments for each country in which it operated. In Venezuela alone, GiveCrypto had to deal with a knot of increasingly complex regulations and sanctions imposed by both the U.S. and the autocratic administration of Venezuelan president Nicolás Maduro, which Antich suspects is one of the reasons it stopped operating during the pandemic.  

More than navigating regulations, GiveCrypto also had to figure out how to help recipients actually understand and use cryptocurrency for basic needs—a task it often approached through trial-and-error and foisted on the ambassadors.

In his initial announcement of GiveCrypto, Armstrong admitted that many who received crypto payments would exchange it into local currency. Still, he expressed optimism that others would hold on to the cryptocurrency and even start doing crypto-to-crypto transfers. 

Rodney Williams, the co-founder and president of the community finance startup SoLo funds, said that the complexity of cryptocurrency, especially for low-income groups, outweighs its utility. “Philanthropy is about accessibility,” he told Fortune. “Have you tried to sign up for Coinbase? There is nothing quick and fast about Coinbase.”

Plenty of organizations have found success using cryptocurrency as a tool in philanthropy, although generally for fundraising, not distribution. Alex Wilson of The Giving Block said that accepting donations in crypto allows nonprofits to open their donor pool to younger people, and that his organization has worked with over 2,000 nonprofits, raising over $100 million.  

“Philanthropy is about accessibility. Have you tried to sign up for Coinbase? There is nothing quick and fast about Coinbase.” 

Rodney Williams, the co-founder and president of the community finance startup SoLo funds

Another example is Gitcoin, a platform that facilitates crowdfunding campaigns for open-source software projects, raising almost $70 million exclusively in cryptocurrency. Its founder, Kevin Owocki, admits that Gitcoin inherently attracts a more tech-savvy crowd that understands crypto. 

“Unless you’re doing economic business in the metaverse—in the Web3 space—there’s not really a reason to have crypto,” he told Fortune. “If you’re giving crypto to places where there’s not even infrastructure where they can use it, then that just feels like an act of self-promotion to me.”

A frustrating end

Maloba was able to find 10 more recipients without much of a problem. He’d told them not to talk about the donations, but they inevitably did, and before long more people from his community were flocking to him, asking for money.  

“I was like a judge looking around and seeing who really needs help,” he said.  

In early April 2021, two months after Waltman first contacted him, Maloba wrote to Waltman on Upwork. He explained that one of the recipients was a doctor who had used the funds to buy drugs for her pharmacy. She was requesting more to buy new equipment for the health center. Waltman did not respond.  

The next month, May 2021, Waltman published a post on GiveCrypto’s Medium page. After having an informal relationship with Coinbase since its inception in 2018, GiveCrypto would be officially subsumed by the exchange, he wrote.

A separate post on Coinbase’s official blog said that GiveCrypto would be brought into Coinbase as a 501(c)(3), or a charitable tax-exempt organization. Records obtained by Fortune indicate that the “Coinbase GiveCrypto Foundation” was later incorporated as an exempt entity in Delaware on Oct. 4, 2021. There are no public records of a 990, the form that tax-exempt organizations are required to file to the Internal Revenue Service that includes accounting records.

Blog posts from both GiveCrypto and Coinbase touted the official merger as a major step forward. “We’ve long had a relationship with GiveCrypto, but by transitioning its efforts into a private foundation of Coinbase we can substantially increase funding,” the Coinbase post said. “That reach can be truly life-changing.”  

It was one of the last public mentions of GiveCrypto by either organization.  

As it turns out, when Waltman recruited Maloba to GiveCrypto in February 2021, it would be the project’s final few months, at least as an organization with public updates.  

In May 2021, after not hearing from Waltman for a couple of months, Maloba followed up with Waltman on Upwork, telling him that he had read the update that GiveCrypto would now officially be part of Coinbase.

“As an ambassador, I would be happy to help even more people,” Maloba wrote. 

In June, Waltman emailed Maloba, cc’ing several members of Coinbase’s marketing team.  

“A key initiative this year is to tell human stories of Bitcoin/crypto’s impact on society and how this technology is increasing economic freedom throughout the world,” one of the Coinbase employees wrote to Maloba. 

In the next weeks, at their behest, Maloba would produce even more videos of the recipients, editing them and adding English subtitles himself, still without payment. In a call with Maloba, the marketing people spoke about expanding the initiative, even floating the possibility of sending a documentary crew. 

They also asked Maloba to come up with project proposals beyond individual giving. Maloba put together two—one to build a hospital, another to build a school—each with a meticulous budget and timeline. Maloba even spoke with local engineers and construction workers, promising them work. He sent the proposals to the Coinbase employees, but they never responded.

In September 2021, Maloba received a separate email that GiveCrypto was launching a new version of the ambassador program. He wrote to Waltman and the marketing people asking whether he could still participate and whether they had looked at his proposals.  

“We are putting a hold on both of these initiatives while we reorganize things on our end,” Waltman responded.  

In October, Waltman wrote a post for Coinbase’s blog, saying that GiveCrypto was updating the ambassador program to focus on Venezuela, Colombia, and El Salvador, and that he was looking forward to more growth in the fourth quarter. That turned out being his final post. Waltman stepped away from GiveCrypto in late 2021. His LinkedIn profile only references being a “Group Product Manager” at Coinbase with no mention of GiveCrypto, listing March 2022 as his ending date. He declined to speak for the article.

“If anything, you’re just pulling [people] into a scam, and then you’ll abandon them. They’d rather you just left them alone.” 

Peter Howson, assistant professor of international development at Northumbria University

Without any public accounting, it is impossible to say how far short of its billion-dollar goal GiveCrypto fell. Through 2020, Waltman would include figures in his monthly Medium posts, writing in June that GiveCrypto had helped 4,217 people to the tune of $34,900. That stopped by the end of 2020. 

One ambassador in Venezuela told Fortune that GiveCrypto resumed operations after the first six months of the pandemic. He said that he continues to work with 10 recipients, helping them receive around $125 in ETH every two weeks.  

Of the ambassadors that Fortune spoke with, he is the only one still working with the organization. It is unclear what the current scope of the operation looks like. A Coinbase spokesperson told Fortune that GiveCrypto has distributed more than $1 million in aid in 2022 to more than 1,000 people, but declined to answer further questions. “Coinbase is committed to advancing economic freedom throughout the world,” they said. “Given the nascent nature of crypto, success will be measured over the course of years or decades—not months or quarters.” 

Howson, the professor of international development, said that GiveCrypto’s operation is representative of a broader pattern of crypto-based global philanthropy. He pointed to Worldcoin, the much-maligned nonprofit founded by Sam Altman where people in developing countries would receive cryptocurrency in exchange for having their irises scanned by a large, metal orb. Like GiveCrypto, Worldcoin has had to pivot its strategy on several occasions, frequently exiting countries and delaying its launch date. 

“If anything, you’re just pulling [people] into a scam, and then you’ll abandon them.” Howson said. “They’d rather you just left them alone.” 

By the end of 2021, Maloba was growing frustrated. He had worked hard to put together the proposals, and he had no idea who could even provide him with updates.

On Jan. 27, 2022, after not hearing from GiveCrypto or Coinbase for several months, Maloba tried one last time, reaching out to Waltman on Upwork.

“Is the GiveCrypto ambassador program still on going? What about the other program of building schools and hospitals we started working on?” Maloba asked.  

“I am no longer with GiveCrypto…I am not sure if they are continuing the program,” Waltman replied several hours later. “Sorry.” 

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Intel’s Mobileye self-driving tech unit files for an IPO in what may be among this year’s biggest market debuts

Intel has filed for an initial public offering of its self-driving technology business, Mobileye Global Inc., braving the worst market for new US listings since the financial crisis more than a decade ago. 

The company didn’t disclose terms of the planned share sale in its filing Friday with the US Securities and Exchange Commission. Mobileye will continue to be controlled by Intel after the IPO, according to the filing.

Intel expects the IPO to value Mobileye at as much as $30 billion, less than originally hoped, Bloomberg News reported this month.

If the listing goes ahead this year, it would be one of the biggest US offerings of 2022. Currently, only two companies have raised $1 billion or more on New York exchanges since Jan. 1, compared with 45 in 2021. This year, the US share of IPOs has shrunk to less then a seventh of the global total from half in 2021.

Mobileye would also be following in the tracks of Porsche AG’s market-defying IPO in Frankfurt this week. That €9.4 billion ($9.2 billion) listing is the world’s second biggest this year and the largest since stock markets began their volatility- and inflation-driven downward spiral in January.

Intel Chief Executive Officer Pat Gelsinger is trying to capitalize on Jerusalem-based Mobileye, acquired in 2017 for $15 billion, with a partial spinoff of its shares. Mobileye makes chips for cameras and drive-assistance features, and is seen as a prized asset as the car industry races toward fully automated vehicles.

EyeQ Shipments

Now with about 3,100 employees, Mobileye has collected data from 8.6 billion miles on the road from eight testing sites globally, according to its filing. the company says its technology leads in the race to shift the automotive industry away from human drivers. It’s shipped 117 million units of its EyeQ product.

Mobileye has been a particularly bright spot for Intel and has consistently grown faster than its parent. As of July, it had $774 million of cash and cash equivalents. In the 12 months ended Dec. 25, it had a net loss of $75 million on revenue of $1.39 billion.

The company said it plans to use proceeds from the IPO to pay down debt and for working capital and general corporate purposes.

McCaskill, Huntsman

Mobileye said in its filing that its board will include Gelsinger as chairman, and also former US Senator Claire McCaskill, a Missouri Democrat, and Jon Huntsman, the former Republican governor of Utah as well as ambassador to China who is now on Ford Motor Co.’s board.

In its filing, Mobileye noted that it acquired mobility and transportation business Moovit from Intel this year. Moovit, another Israeli-based business, had been acquired by Intel for $900 million in 2020.

A successful Mobileye listing could break the ice for an array of startups that have been waiting for the year’s market tumult to ease before moving ahead with IPOs.

More specifically, it could clear a growing logjam of chip-related assets waiting to come to market. SoftBank Group Corp. also is trying to sell shares of semiconductor designer Arm Ltd. by early next year. Ampere Computing LLC, a startup making processors for data centers, is planning an IPO as well.

The Mobileye offering is being led by Goldman Sachs Group Inc. and Morgan Stanley. Mobileye plans for its shares to trade on Nasdaq under the symbol MBLY.

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September worst month for stocks since pandemic hit U.S.

Wall Street closed out a miserable September with a loss of 9.3%, the worst monthly decline since March 2020. The S&P 500 fell 1.5% Friday and is at its lowest level in almost two years. The benchmark index has lost ground for six of the last seven weeks and posted its third straight losing quarter. The Dow Jones Industrial Average lost 1.7% and the Nasdaq fell 1.5%. Nike fell sharply after the company had to slash prices to clear inventories, while Carnival dropped following weaker-than-expected quarterly results. Bond markets were showing more calm as yields relaxed.

Wall Street is at its worst levels in almost two years Friday as the end nears for what’s been a miserable month for markets around the world.

The S&P 500 was down 0.4% in afternoon trading after flipping between small losses and gains through the morning. It’s at its lowest level since November 2020, and it’s on pace to close out its sixth weekly loss in the last seven, one of its worst months since the early 2020 coronavirus crash and its third straight losing quarter.

The Dow Jones Industrial Average was down 213 points, or 0.7%, at 29,010, as of 1:56 p.m. Eastern time, and the Nasdaq composite was down 0.2%.

The main reason for this year’s struggles for financial markets has been fear about a possible recession, as interest rates soar in hopes of beating down the high inflation that’s swept the world.

The Federal Reserve has been at the forefront of the global campaign to slow economic growth and hurt job markets just enough to undercut inflation but not so much that it causes a recession. More data arrived Friday to suggest the Fed will keep its foot firmly on the brakes on the economy, raising the risk of its going too far and causing a downturn.

The Fed’s preferred measure of inflation showed it was worse last month than economists expected. That should keep the Fed on track to keep raising rates and hold them at high levels a while, as it’s loudly and repeatedly promised to do.

Vice Chair Lael Brainard was the latest Fed official on Friday to insist it won’t pull back on rates prematurely. That helped to keep snuffed out hopes on Wall Street for a “pivot” toward easier rates as the economy slows.

“At this point, it’s not a matter of if we’ll have a recession, but what type of recession it will be,” said Sean Sun, portfolio manager at Thornburg Investment Management.

Higher interest rates knock down one of the main levers that set prices for stocks. The other lever also looks to be under threat as the slowing economy, high interest rates and other factors weigh on corporate profits.

Cruise ship operator Carnival dropped 21% for one of Wall Street’s worst losses after it reported a bigger loss for its latest quarter than analysts expected and revenue that fell short of expectations.

Nike slumped 12.1% in what could be its worst day in two decades after it said its profitability weakened during the summer because of discounts needed to clear suddenly overstuffed warehouses. The amount of shoes and gear in Nike’s inventories swelled by 44% from a year earlier.

This year’s powerful surge for the U.S. dollar against other currencies also hurt Nike. Its worldwide revenue rose only 4%, instead of the 10% it would have if currency values had remained the same.

Nike isn’t the only company to see its inventories balloon. So have several big-name retailers, and such bad news for businesses could actually mean some relief for shoppers if it leads to more discounts. It echoed some glimmers of encouragement buried within Friday’s report on the Fed’s preferred gauge of inflation. That showed some slowing of inflation for goods, even as price gains kept accelerating for services.

Another report on Friday also offered a glimmer of hope. A measure of consumer sentiment showed U.S. expectations for future inflation came down in September. That’s crucial for the Fed because tightly held expectations for higher inflation can create a debilitating, self-reinforcing cycle that worsens it.

Treasury yields eased a bit on Friday, letting off some of the pressure that’s built on markets.

The yield on the 10-year Treasury fell to 3.75% from 3.79% late Thursday. The two-year yield, which more closely tracks expectations for Fed action, sank to 4.16% from 4.19%.

Still, a long list of other worries continues to hang over global markets, including increasing tensions between much of Europe and Russia following the invasion of Ukraine. A controversial plan to cut taxes by the U.K. government also sent bond markets spinning recently on fears it could make inflation even worse. Bond markets calmed a bit only after the Bank of England pledged mid-week to buy however many U.K. government bonds are needed to bring yields back down.

The stunning and swift rise of the U.S. dollar against other currencies, meanwhile, raises the risk of creating so much stress that something cracks somwhere in global markets.

Stocks around the world were mixed after a report showed that inflation in the 19 countries that use Europe’s euro currency spiked to a record and data from China said that factory activity weakened there.

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Jack Dorsey and Elon Musk texts criticize Twitter board

If Twitter cofounder Jack Dorsey was hoping to see a culture change in the company’s top brass, Elon Musk would certainly fit the bill.

But the Tesla CEO’s first foray into the social media space may prove short-lived. After striking a $44 billion deal last April to buy Twitter, Musk has been attempting to pull out of it since July, citing the unverifiable number of spam accounts on the platform.

With his court date set for next month in Delaware, details continue to emerge about those turbulent few months, including Musk agreeing to sit on the company’s board before abruptly changing his mind and opting instead to buy out all of Twitter’s remaining shares to take the company private.

Musk made it clear that if he had become the sole owner of Twitter—or, now, if a judge compels him to go through with the purchase anyway—he would bring about some big changes to the social media network and how the company is run. And new evidence reveals just how much Twitter cofounder and former CEO Jack Dorsey, who stepped down from the company’s board last May, wanted to see those changes happen.

“The board is terrible,” Dorsey wrote to Musk in a text message, one of many that were collected and disclosed this week as part of a pretrial discovery process. 

Dorsey’s text—dated April 5, the day Twitter announced Musk as a new board member—spared only company CEO Parag Agrawal, who Dorsey called “an incredible engineer.” 

But as the takeover deal dragged on and tensions emerged between Musk and Twitter’s board, Dorsey made his true feelings about Agrawal and the rest of Twitter’s board known in a series of messages that criticized the board’s cautious behavior, while painting Musk as the savior the company had been waiting for.

Dorsey and Twitter’s board

In texts sent to Musk last March, Dorsey revealed that he had tried to get him approved by the board as early as 2020, which the board refused. Dorsey criticized Twitter’s board for being too “risk-averse” and said they had refused to bring on a figure like Musk because they felt it would create “more risk” for the company.

It wouldn’t be the last time Dorsey criticized Twitter’s board in his text exchanges with Musk. 

On April 25, Dorsey defended Agrawal as being “great at getting things done when tasked with specific direction,” but the next day, seemingly after a board meeting, Musk texted to Dorsey that the two of them were in “complete agreement” over Agrawal, specifically that the Twitter CEO had been “moving far too slowly and trying to please people who will not be happy no matter what he does.”

Dorsey answered around two hours later: “It became clear that you can’t work together. That was clarifying.”

Unpredictable Musk

As CEO and founder of Tesla and SpaceX, Elon Musk made a name for himself as a hard, unforgiving, and at times even rash boss.

Last June, Musk mandated that all of Tesla’s white-collar staff return to the office full-time, warning that those who didn’t could “pretend to work somewhere else.” He expects long work hours, willingly working for upwards of 120 hours a week himself, and once allegedly worked a 24-hour day—on his birthday.

Musk’s unique leadership style has gotten him into hot water with his own companies at times. A single foray on Twitter can send Tesla stock prices plunging or cryptocurrencies soaring, and shareholders of his businesses have even asked judges to muzzle his Twitter feed.

Musk’s unpredictability as a person and as a boss left some Twitter employees concerned last spring that him taking over would mean a complete culture change, including a return to the office and a more demanding work environment overall.

But while Twitter employees worried, Jack Dorsey appears to have been eagerly awaiting Musk getting involved at Twitter for quite some time. Last April, shortly after the takeover deal had been announced, Dorsey heavily criticized Twitter’s board, saying “it’s consistently been the dysfunction of the company.”

A week later, Dorsey publicly vouched for Musk as the right person to take the company forward by first taking it private. “Elon is the singular solution I trust. I trust his mission to extend the light of consciousness,” Dorsey wrote.

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New disclosure in Ankita murder case, former female employee said, suspicious boys and girls used to come to the resort New disclosure in Ankita murder case, former female employee said, suspicious boys and girls used to come to the resort
National3 days ago

New disclosure in Ankita murder case, former female employee said, suspicious boys and girls used to come to the resort

After leaving the job, Pulkit, Saurabh and Ankit put a lot of pressure on me to return to the job....

Modi urges environment ministers to give maximum boost to circular economy Modi urges environment ministers to give maximum boost to circular economy
National1 week ago

Modi urges environment ministers to give maximum boost to circular economy

It was inaugurated when I became the Prime Minister. A huge amount of money was wasted due to this delay....

BJP MP Janardan Mishra cleans the school toilet with his hands, shared the video on Twitter BJP MP Janardan Mishra cleans the school toilet with his hands, shared the video on Twitter
National1 week ago

BJP MP Janardan Mishra cleans the school toilet with his hands, shared the video on Twitter

When the MP saw that the toilet of the center was very dirty, it was not cleaned, he decided to...

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