Back in 2012, I interviewed the late Parag Parikh when he was about to launch PPFAS Mutual Fund. Besides his contrarian investing style, the one thing that stood out about him was his refreshingly candid take on things. This was when mutual funds were witnessing outflows for years and assets under management stood at a little over Rs 5 lakh crore - largely debt-oriented. When I asked him how he planned to garner investments at a time when mutual funds weren't in favour, he said: "By being on the side of the investor". He then pointed to a note he had gotten stamped on the physical prospectus of the AMC's inaugural equity fund that said: "Please do not invest in this fund if you can't remain invested for at least five years". I can't draw a straight line from the note to PPFAS' outperformance over the past decade, and the swelling of its assets. But surely, sobering investors' expectations when the temptation is to oversell helps attract...
Almost a year after stating that Elon Musk is the "singular solution" he trusts to run Twitter, Jack Dorsey seems to have changed his stance on Mr Musk's leadership of the microblogging website. On Friday, the former CEO of Twitter issued his sharpest criticism yet of Mr Musk's leadership of Twitter, saying that the tech billionaire has not proved to be the platform's ideal steward and should have walked away from buying the site.
Mr Dorsey criticised Mr Musk in a series of reply posts on the social network Bluesky, a potential Twitter rival that Mr Dorsey helped to start. According to The Washinton Post, he responded to a question from a Bluesky user regarding whether he felt that Mr Musk proved the "best possible steward".
"No. Nor do I think he acted right after realizing his timing was bad. Nor do I think the board should have forced the sale. It all went south. But it happened and all we can do now is build something to avoid that ever happening again. So I'm happy Jay and team and nostr devs exist and building it," Mr Dorsey said.
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According to Fortune, in another post, Mr Dorsey also stated that Mr Musk should have walked away by paying 1 billion dollars to the board. "If Elon or anyone wanted to buy the company, all they had to do was name a price that the board felt was better than what the company could do independently. This is true for every public company. Was I optimistic? Yes. Did I have final say? No. I think he should have walked away and paid the $1b," he stated.
Further, responding to a post in which a user said, "It's pretty sad how it all went down," Mr Dorsey replied simply: "Yes".
Notably, it was not long ago when Mr Dorsey had said that if Twitter had to be a company at all, "Elon is the singular solution I trust".
"In principle, I don't believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness," he tweeted in 2022 before Mr Musk's Twitter acquisition had come to fruition.
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