Generous CEO: Jack Dorsey Gives One-Third Of His Twitter Stock To Employees
Twitter CEO Jack Dorsey said in a tweet on Thursday that he is giving one-third of his stake in the microblogging site to its employees.
The shares are equivalent to exactly 1% of the company, Dorsey said, noting that the purpose of the move is to “reinvest directly in our people.”
Dorsey also tweeted:
As for me: I’d rather have a smaller part of something big than a bigger part of something small. I’m confident we can make Twitter big!
A Twitter spokesperson confirmed the accuracy of Dorsey’s tweets. Over the past two years Dorsey, who is also CEO of Square returned 20% of his shares in the mobile payments startup. Earlier this month, he said in Square’s filing to go public that he plans to give up another 10%, or 40 million more shares.
Dorsey, a Twitter cofounder, officially became CEO about two weeks ago. Since his appointment, the company announced it is cutting 8% of its total workforce and also rolled out a new hand-curated, live-events tool called Lightning. Dorsey has said he plans to make a series of bold changes to make the service more appealing to the general public and to improve internal efficiency and execution.
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