Jack Dorsey steps down from Twitter board amid Elon Musk's takeover plan

Former Twitter CEO Jack Dorsey has stepped down from the Twitter board. Dorsey was previously rumoured to rejoin as the Twitter CEO but he put an end to speculations by revealing that he would not return as the CEO of Twitter ever again.

The reason behind Dorsey's exit from the Twitter board does not come as a shocker as he was destined to leave the board from the day he stepped down as the CEO. When he left, the company had made an announcement stating that he would remain a part of the Twitter board "until his term expires at the 2022 meeting of stockholders."

Dorsey is currently spearheading the financial payments platform Block, which was formerly known as Square. Dorsey had dismissed the reports of returning as the CEO of Twitter after the Musk takeover. He in fact reiterated that nobody should be the CEO of Twitter.

He has been a director since 2007 and was most recently Twitter CEO from mid-2015 until his resignation last year.

But Dorsey's exit marks the first time in Twitter's history that none of its co-founders is working at the company or sitting on the board.

Twitter shareholders voted on a number of issues Wednesday but didn't weigh in on the biggest change confronting the San Francisco-based company: a looming buyout by billionaire Elon Musk. Twitter's board accepted an offer from Musk in late April to take the company private for about $44 billion. The shareholder vote on whether to approve the deal will take place at a later date that hasn't yet been announced.

Musk, the world's richest person, has pledged dramatic changes at Twitter once he takes over, and the current board isn't expected to stay in place once he takes the company private.