More than a week after Twitter said the company was laying off up to 336 people, CEO Jack Dorsey broke some good news to employees on Thursday.
Dorsey, who became Twitter s permanent CEO this month, said he was giving a third of his stock or 1 percent of the company back to the employee equity pool. He owns about 22 million shares of Twitter s stock and the gift amounts to nearly $200 million.
He tweeted the announcement on Thursday:
âš¡ï¸ I m giving ~1/3rd of my Twitter stock (exactly 1% of the company) to our employee equity pool to reinvest directly in our people.
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! ✌ï¸
Dorsey is also the chief executive and largest shareholder of mobile payment startup Square, which recently filed plans to go public. Owning a 24 percent stake in the company, Dorsey said in the filing that he s given more than 15 million shares back to both Square and the Start Small Foundation, a new organization that helps artists, musicians and local businesses in underserved areas.
Twitter, which held its annual developer conference on Wednesday, is scheduled to announce its third-quarter earnings next week.
The company s stock on Thursday closed at $29.15 per share, down 0.5 percent.
Photo Credit: Twitter CEO Jack Dorsey speaks at the company s annual developer conference in San Francisco. From Twitter.
The post Twitter CEO Jack Dorsey plans to give one-third of his stock to employee equity pool appeared first on SiliconBeat.
