Twitter cofounder Jack Dorsey leaves company's board of directors

Twitter cofounder Jack Dorsey has exited the social media company's board of directors.

The planned departure comes as Tesla and SpaceX founder and CEO Elon Musk continues his attempt to purchase the company. The company initially announced last November that Dorsey would leave the board when his term expired at the company's 2022 shareholder meeting, which took place Wednesday.

Dorsey's departure means that all of the company's founders have discontinued official ties with the company. Dorsey is currently the CEO of payments company Block, previously known as Square.

Last month, Dorsey appeared to personally endorse the move of selling Twitter to Musk for $44 billion, indicating that Musk would be the right person to take the company in a sensible direction.

"Elon's goal of creating a platform that is 'maximally trusted and broadly inclusive' is the right one," wrote Dorsey in April.