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Twitter rivals could benefit from Elon Musk's actions, says former head of the company's board of directors.
After buying Twitter in late October, Elon Musk dissolved the company's board of directors, but its former chairman Patrick Pichette warned the new owner that the social network's loss of "character" would quickly spur numerous competitors. According to a former Twitter board member, it's too early to tell if Musk's leadership will benefit the company.
As Patrick Pichette admitted in an interview with a Canadian radio station, if Twitter becomes less attractive to users, competitors will quickly take its place. “The next morning, there will be eight other platforms,” Pischette, who twice chaired the board of directors of Twitter and remained one of the directors until Elon Musk's purchase of the company in late October, literally said.
Pishett, who managed to work as the financial director of Google, also spoke about Musk's admission that Twitter was in danger of bankruptcy. In the words of the first, "it's a sustainable business, but that doesn't mean it can't fail." Mass layoffs at Twitter after Musk took over, followed by offers for some employees to return, according to Pichette, speaks to the new business owner's lack of understanding of what is really important for Twitter at the moment. Before Musk bought Twitter, according to the former chairman of the company's board of directors, management had very clear goals and achieved them. Patrick Pichette intends to use the proceeds from the sale of his Twitter shares in the amount of $1.7 million to preserve forests in southeastern Quebec, Canada.
The debate over the choice of Musk's successor as head of Twitter led to the fact that one of the founders of the company and the current shareholder Jack Dorsey had to answer a user's question about his readiness to lead Twitter for the third time. To this, Dorsey, who ran Twitter from 2006 to 2008 and from 2015 to last fall, responded with a laconic rebuff.