Owning more than 82 million share of Amazon, Jeff Bezo’s net worth is more than $55 billion, making him the third-richest man in America as recently reported by the Inquisitr.
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If they were given out equally, each staff member would reportedly receive 55 thousand dollars (£36,000).
“I’d rather have a smaller part of something big than a bigger part of something small“, The Twitter CEO said in a Tweet obtained by The Washington Post.
By handing over shares to Twitter employees, Dorsey’s bought himself time.
Twitter staff are to receive $200 million of company shares from their boss, days after he laid off 8 per cent of the workforce. The announcement came on Dorsey raising concerns that the company’s workforce may be bloated thereby affecting the development of new products. “Twitter will go to great lengths to take care of each individual by providing generous exit packages and help finding a new job”. That’s not far-fetched, even though Twitter has been struggling to show growth these days.
Jack Dorsey, a co-founder of Twitter, has used this strategy before and has made gifts of stock in the past. Over the past two years, Dorsey has given over 20 percent of his equity in Square back to the company and to the Start Small Foundation, an initiative by Dorsey to fund artists, musicians and local businesses. Twitter Inc. brought back Dorsey, one of its co-founders, as its CEO in hopes that he can figure out a way to make the messaging service more appealing beyond its core audience of about 300 million users. The company’s sentiments on the Street have also hit all-time lows as the stock continues to trade near the IPO price levels.
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Giving up this much equity in Twitter TWTR -0.51% isn’t going to put Dorsey on the bread line by any means: He also owns about 24% of Square, the electronic payments company he founded after he left Twitter (and is still CEO of).
