Jack Dorsey net worth
Number of divisions: 18
What is Jack Dorsey’s net worth and salary?
Jack Dorsey is an American web developer and businessman with a net worth of US$12 billion. Although he may be best known as the co-founder and co-founder of Twitter, it is interesting that most of Jack Dorsey’s net worth actually comes from his shares in the mobile payment company Square. At the time of writing, Jack Dorsey owns approximately 2% of Twitter’s outstanding shares. At the time of writing, these 2% shares are worth only $800 million. At the time of writing, he owns approximately 43 million Square shares. At the time of writing, the value of these stocks is approximately $9 billion. He also controls cash and other assets worth approximately $1 billion.
Jack has pledged to donate more than 1 billion U.S. dollars to charity. He used Square shares to fund his pledge in April 2020.
early life
Jack Dorsey was born on November 19, 1976 in St. Louis, Missouri. He became interested in computers and communications at a very young age, and started programming when he was a student at Bishop DuBourg High School in St. Louis. He is fascinated by the technical challenges of coordinating taxi drivers, delivery trucks, and other fleets that need to maintain continuous, real-time contact with each other. The scheduling software that Dorsey wrote when he was 15 is still in use by some taxi companies.
When Jack was 17, he invaded the website of the largest taxi dispatch company in New York City. As a benevolent hacker, he emailed the CEO of the dispatch company and offered to help fix the vulnerability. He got a job and then moved to New York, where he studied at New York University.
At some point in the 1990s, as the Internet boom swept the country, Jack followed his boss from the dispatch company to San Francisco, where they launched a rapidly closing online business. Next, Jack got a job at a podcast company called Odeo, which was founded by Evan Williams-he founded Blogger before and then Medium.
In 2006, Dorsey, Evan Williams Biz Stone, and Noah Glass held what became known as a “one-day brainstorming session” to think about new product features for Odeo. One idea that came out of that meeting was a Weibo/message idea, which Dorsey tested on a BlackBerry phone when he was at New York University. The group liked the idea and formed a small committee to study what they called “project twttr”. As you know, this eventually evolved into Twitter.
Instead of incorporating twttr into Odeo, Evan made a controversial decision to return millions of dollars worth of funds to his Odeo investors and launch Twitter as an independent new company. Some Odeo investors later complained that they were excluded from Twitter’s success.
Justin Tallis/AFP/Getty Images
When Twitter was first launched, it was ridiculed by some critics as a tool for superficial and self-centered people to spread the details of their lives to the universe. In the early days of its establishment, the site often experienced service interruptions. But with celebrities and CEOs both starting to “tweet”, Twitter is no longer the protagonist of so many jokes. Suddenly, as the leader of the “Weibo” movement, Twitter became a powerful platform for US presidential candidates Barack Obama and John McCain as a way to update supporters during the campaign. Dorsey later became an investor in the social networking company Foursquare and founded a new company, Square, which allows people to receive credit card payments via a tiny device plugged into a mobile phone or computer. In 2008, he was named one of the innovators under 35 in the world by MIT Technology Review TR35. In 2012, the Wall Street Journal called Jack the “Innovator of the Year.” Dorsey joined the board of directors of The Walt Disney Company on December 24, 2013.
square
In 2009, Jack co-founded a second company, which he named Square. Jack came up with this idea after a friend (who later became his co-founder) complained about not being able to sell glass faucets and accessories because he did not accept credit cards. Square is a mobile payment/financial services company. If you have ever bought something at a farmer’s market or a food truck, you may give your credit card to the merchant, who uses a small square card reader inserted into an iPad or iPhone to swipe the card.
Square went public in November 2015, almost two years after Twitter went public. On the first day of the transaction, Square’s market value was $3 billion. This is a major disappointment because the company’s last round of private financing valued the business at US$6 billion.
In February 2021, Square’s market value exceeded $100 billion for the first time. At that time, Jack’s net worth was 16 billion U.S. dollars, of which approximately 15 billion U.S. dollars came from Square.
$1 billion in donations
As of April 2020, Jack held approximately 60 million shares in Square, a mobile payment company. In April 2020, these 60 million shares were valued at 3.6 billion U.S. dollars. In April 2020, Jack announced that he would transfer these stocks worth $1 billion to a limited liability company called Start Small that he initiated. He said that the limited liability company would focus on COVID-19 relief, women’s health, education and Universal basic income. At that time, the 1 billion US dollars accounted for 28% of his total wealth, which means that on the day before he announced the news, he was worth 3.57 billion US dollars. At the same time, his Twitter stock was worth “only” $530 million at the time.
The imbalance in wealth caused Jack to be criticized by Twitter investors, who believed that he did not spend enough time to actually perform the job of the CEO. According to reports, he does not often appear at Twitter’s main corporate headquarters in San Francisco. This kind of absence was especially true in 2019, when he targeted to visit at least 30 Twitter offices around the world, while also conducting a 10-day silent mediation retreat in Myanmar.
On April 7, 2020, Jack issued the following statement (obviously via Twitter): “I transferred a $1 billion in Square equity (approximately 28% of my wealth) to #startsmall LLC to seek global COVID-19 relief. After we lift the epidemic, the focus will shift to girls’ health and education and UBI [Universal Basic Income]. It will operate transparently…“
After announcing the news, he immediately donated US$100,000 to the U.S. Food Fund.
By December 2020, Start Small has donated $274 million, but still holds 15.2 million shares of Square. At that time, those 15.2 million shares were worth 3.12 billion U.S. dollars, so the value of his donation actually tripled!
real estate
In August 2018, Jack spent US$4.22 million to purchase a residence in the Hollywood Hills of Los Angeles. He listed the house for sale in August 2019 and found a buyer who paid US$4.6 million two months later.
Since 2012, his main residence has been a large house he bought for $10 million in San Francisco. In 2017, he paid $22 million for the house next door. The seller bought the house in 1997 for $2.85 million. As we all know, when in San Francisco, Dorsey walked about 5 miles to work every day.
