Jack Dorsey, CEO of Twitter, has pledged to give away $200 million of his own stock in the company he founded.
This works out to around a third of his total Twitter stock, and represents exactly one percent of the company. The stock will go back into Twitter’s employee equity pool, which means it can be distributed throughout the company to employees.
Naturally, Dorsey tweeted the news of the give away. He also provided some explanation in a follow-up tweet.
“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!” Dorsey said.
It’s a much-needed positive move from the newly reinstalled Twitter CEO. His recent return signalled a round of layoffs at the social network giant to the tune of 336 staff, or eight percent of the total workforce.
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As if this wasn’t sufficient indication, Twitter is facing tough times at present. The company is running at a $300 million loss, and user growth is stagnating.
As Recode points out, this is the second big give-away from Jack Dorsey in as many weeks. Last week, when his other company Square made known its plans to go public, Dorsey said that he would donate 40 million shares to charity.
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