In a move destined to boost morale, Jack Dorsey, the returning CEO of Twitter, announced in a pair of tweets (where else?) that he was giving one-third of his company stock back to employees. Dorsey actually live tweeted the announcement during a meeting with employees.
That represents a 1 percent ownership stake worth an estimated $214 million.
?⚡️ 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.
— jack (@jack) October 23, 2015
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! ✌️
— jack (@jack) October 23, 2015
This has been a busy time for the newly re-installed Twitter CEO. On October 13, Dorsey announced layoffs at Twitter totaling 8 percent in a bid to restructure the company. Just this week, Twitter held its second developer conference where it debuted a number of new tools.
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As for stock giveaways, these are also not unheard of for Dorsey. As CEO of Square, he had previously handed over 15 million shares back to that company and to the Start Small Foundation, a company he founded.
He also said he’s giving 40 million additional shares to the foundation, which invests in small creative businesses and entrepreneurs.
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