Dorsey: Musk was Twitter's only alternative for survival

According to former Twitter CEO Jack Dorsey, Elon Musk was the "only alternative" to prevent the social media platform from falling into the hands of hedge funds and activist investors. Dorsey made the comments on Bluesky, a social media platform backed by him. He added that Twitter would have "never" survived as a public company, and having it owned by hedge funds and Wall Street activists would have been worse. However, Dorsey also noted that Musk didn't turn out to be the "best possible" leader for Twitter, and that he didn't act right when he realized the bad timing of the acquisition. Dorsey was also asked about what he did to try to restore Twitter's fortunes, to which he replied that they did everything to avert the failure but ultimately failed due to not having dual class shares. Dorsey has previously praised Musk's use of Twitter, calling him a good model of how to use it well. Last year, Dorsey said he was "really happy" about Musk joining Twitter's board after the SpaceX cofounder took a stake in the company. Twitter did not respond to a request for comment from Insider.