As I type this article, Twitter’s share price is sitting at a high of $ 76. Twitter stock has risen exactly in the last few months. The stock has more than doubled in a year. So, you can assume that the net assets of Jack Dorsey, the CEO / founder of the company, should also grow equally. You’re probably photographing the weirdo-to-bearded Dorsey on a 10-day meditation retreat in French Polynesia, quietly celebrating with carrots and an extra long down dog.
Unfortunately for Jack, the recent high level of Twitter does not really have that much of an impact on his net worth as we currently see. $ 14 billion.
In fact, Jack’s overall fate was actually by FEL $ 2 billion In the final week, the same period when Twitter was hitting an all-time high. Why? how? let’s discuss…
Most people probably believe that Jack Dorsey is the primary founder and only CEO that Twitter ever had. In fact, Jack is a co-founder. He launched Twitter in 2006 with Biz Stone, Evan Williams and Noah Glass. Jack served as the company’s first CEO but was reportedly forced to step down in 2008 by his co-founders and his venture capitalist backers as he spent too much time on extraordinary hobbies like yoga and meditation retreats Were spending. Seriously.
Evan Williams served as CEO from 2008 to 2010. A man named Dick Costolo served as CEO from 2011 to 2015, at which time Dorsey returned as CEO, the place it still is today.
During the first few years of his second term as CEO of Jack, Twitter was a dog with stock fleas. The day he became CEO again in 2015, Twitter generated a turnover of around $ 35. Over the next two years, the stock price declined, hovering in the $ 15-16 range until slightly improving in early 2018.
A year ago Twitter stock hovered in the $ 25-35 range. At the beginning of March, Jack Dorsey had total assets of $ 3.3 billion. This is the lowest in nearly 8 years.
A month ago, Twitter stock was at $ 40.
As I type this article, a portion of Twitter will cost you $ 76. He is an all time high.
This week’s rise in Twitter’s share price is being driven by an announcement that the company will soon release a “super follow” feature that will allow users to charge for tweets (Twitter with fee cuts). The announcement increased Twitter by 10%.
I never plan on using this “super follow” feature, so if you want to listen to some totally free great music on finance / celebrity / SEO and money, give me a follow:
Back to Twitter and Jack Dorsey.
Earlier today, Twitter’s market cap was above $ 60 billion for the first time. This is a major achievement for the company and a major recognition for Dorsey.
Unfortunately, this is not greatly impacting the net worth of the jack. Jack’s net worth actually fell to $ 500 million yesterday and has been reduced by about $ 2 billion in a week.
Because Jack Dorsey doesn’t have all that much Twitter stock. Jack owns about 2% of the company. By comparison, Mark Zuckerberg owns 30% of Facebook. Google handles about 14% of the alphabet. Elon Musk owns 22% of Tesla.
A year ago, when Twitter was trading in the $ 25–35 range, Jack’s 2% Twitter stake was around $ 500 million. Today it has 2% stake =
$ 1.2 billion
There’s a good chunk of money, but it’s certainly not enough to technically become a billionaire if he sold everything.
So how does Jack Dorsey cost 14 billion dollars?
In fact Twitter is a side-project for Mr. Dorsey. Much of Jack’s actual job and his net worth is actually called thanks to a company …
Square is a mobile payment / financial services company. If you’ve ever bought something from a farmer’s market or from a food truck, you’ve probably handed over your credit card to the merchant who swiped it into a little square card reader that was plugged into an iPad or iPhone.
Jack co-founded Square in 2009. The idea came to Jack after a friend (who then became his co-founder) complained about not selling glass taps and fittings because he did not accept credit cards.
The Square went public in November 2015, almost two years after Twitter went public. On the first day of trading, Square had a market cap of $ 3 billion. This was a major disappointment as the company’s previous private funding round had a turnover of $ 6 billion.
How has the stock performed since going public:
There is also the CEO of Jack Square, who criticized him for not doing well on Twitter. Plenty of analysts and shareholders thought Twitter deserved more “full-time” CEOs.
That shareholder’s displeasure was particularly strong as Square’s stock rose from $ 12.85 the day it went public … to $ 225 today.
With that growth, the company’s market cap has grown from $ 3 billion to $ 101 billion today.
Please remember that earlier today, Twitter broke $ 60 billion for the first time. So Jack’s side project is $ 40 billion more than what he is most famous for.
Jack Square owns slightly less than 13%. Today, priced at $ 225 per share, Jack’s square stake =
$ 13 billion
And as long as Square has an incredible 12 months, if you look at the far right of the stock chart above, you’ll see it in the last week.
On February 19, Square hit an all-time high of $ 276. At today’s $ 225 price, it is an 18.5% drop.
Jack’s net worth a week earlier – February 19 – was $ 16 billion. This is how / why Jack LOST has $ 2 billion in funds, while Twitter reached new all-time highs.
And btw, not long ago Jack actually owned more of the class.
$ 1 billion donation
A year ago, Jack owned 63 million shares (20 million more than what he currently holds). On April 7, 2020, Jack announced that he was taking $ 1 billion worth of his Square Equity (20 million shares), which he named #startsmall LLC.
At the time of his announcement, Square was trading at $ 50, hence the “$ 1 billion donation” (20 million shares * $ 50 = $ 1 billion).
With his announcement, Jack posted a link to Google Docs where he is tracking every single donation #startsmall makes. This is really good. Here is a link to the doctor, check it out yourself. You can see the current value of the foundation and each charity since it was launched.
Also, here is a screenshot. Check cell B3:
Notice how the number of cell B3 is $ 3.5 billion.
That’s because thanks to Square’s incredible increase in the stock price in the year since the foundation launched, Jack’s original $ 1 billion donation has more than tripled.
And that is that the Foundation has already given $ 350 million (which you can see in Cell B2). According to Cell B1, Jack’s $ 1 billion donation has made $ 3.872 billion worth to date. In other words, Jack’s charitable foundation is 3X compared to his Twitter stake.
So, important question:
What is your side project that is going to make you 10 times richer than your day job?