Widget powered by WhatstheScore.com

Author Topic: Twitter BOSS gives up $200M in stock for company employees he didnt lay off  (Read 209 times)

0 Members and 1 Guest are viewing this topic.

Offline internet police

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 1298
    • View Profile

After laying off more than 300 workers, Twitter CEO Jack Dorsey is trying to lift the spirits of the remaining employees by giving them 6.8 million shares of the stock he owns in the online messaging service.

Dorsey is giving up the stock, currently worth more than $200 million, so Twitter can award the shares to its employees, according to documents filed Friday with the Securities and Exchange Commission.

The gesture comes a week after Dorsey laid off 8 percent of Twitter's workforce in an effort to make the company profitable for the first time in its nine-year history. The gift represents nearly one-third of the stock Dorsey owns in the San Francisco company.

"I'd rather have a smaller part of something big than a bigger part of something small," Dorsey tweeted about surrendering some of his stock. "I'm confident we can make Twitter big!"

Twitter said Dorsey's shares will be earmarked for stock issued to employees next year under the company's incentive plan.

Dorsey will still own 15 million Twitter shares worth about $460 million, based on Twitter's current market value.

Twitter's stock gained $1.13, or nearly 4 percent, to close Friday at $30.28.

The shares have declined by 40 percent in the past six months amid concerns about Twitter's slowing user growth and inability to make money.

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. By comparison, Facebook's social networking service has 1.5 billion users, even though it is only two years older than Twitter.

Dorsey was Twitter's original CEO, but was ousted because the company's board didn't think he was the right leader at that time.

While he tries to re-tool Twitter, Dorsey is also serving as CEO of Square, a payment processor that is preparing to price an initial public offering of its stock.

Dorsey has given back nearly 15.1 million shares of Square stock during the past two years, too, according to Square's IPO documents. He remains by far Square's largest shareholder with a 24 percent stake in that San Francisco company, which is located a block away from Twitter's headquarters.


Ex Nigerian Finance Boss Okonjo-Iweala denies withdrawing $1Billion for Jonathan

Started by mastercode

Replies: 0
Views: 139
Last post July 14, 2015, 02:26:45 PM
by mastercode
President Buhari Tells NNPC New Boss - Recover all Stolen Nigeria Oil Money

Started by mastercode

Replies: 0
Views: 97
Last post August 05, 2015, 05:01:21 PM
by mastercode
Nigerian EFCC declares former Pension boss, Abdulrasheed wanted on fraud charges

Started by mastercode

Replies: 0
Views: 190
Last post November 03, 2015, 11:02:34 AM
by mastercode
Former Nigeria finance boss Okonjo-Iweala spent $2.1 Billion without approval-FG

Started by mastercode

Replies: 0
Views: 188
Last post June 30, 2015, 12:37:13 PM
by mastercode
NDDC boss tells President Buhari - 'No missing money'

Started by admin

Replies: 0
Views: 132
Last post August 27, 2015, 09:03:45 AM
by admin