- Tram Ho
The majority of Jack Dorsey's net worth, estimated at 88%, is tied to his nearly 11% stake in Square, the fintech company that provides credit card payments to small businesses. and currently owns CashApp mobile money transfer application. Square's stock price has more than tripled since January 2020 to around $213 per share at this point, thanks to mergers and acquisitions and CashApp's strong growth momentum.
Billionaire Jack Dorsey, 45, co-founded Square in 2009 with Jim McKelvey and immediately took over as CEO of the company, just a few years after co-founding Twitter. After being fired as Twitter CEO in 2008, Jack Dorsey returned to the position in 2015, the same year Square went public.
For six years, billionaire Dorsey has run both companies simultaneously – a rare feat even for those notoriously work-obsessed in Silicon Valley. (Elon Musk is also the CEO of two companies, electric car maker Tesla and space technology company SpaceX.)
Billionaire Dorsey has received a worthy reward for his efforts. In 2012, Jack Dorsey became a billionaire and entered the Forbes 400 richest people in America, with an estimated net worth of $1.1 billion based on the number of Twitter shares he held (then Twitter was not listing).
His fortune increased to $6.3 billion in October 2018, before falling to $2.6 billion in April 2020 as the stock market rocked because of the outbreak of the pandemic. However, the market quickly recovered strongly, helping Dorsey's fortune rapidly increase. From April 2020 to November 2021, this billionaire's fortune has increased by more than 9 billion USD, and by last October, Jack Dorsey's total net worth was 14.9 billion USD.
Jack Dorsey still holds a share of Twitter stock, worth about $850 million. The billionaire's fortune increased by $59 million following the November 29 announcement, as Square's share price surged, offsetting a roughly 2.3% drop in Twitter shares.
Twitter has repeatedly faced criticism for its poor performance under Dorsey's leadership. When it first went public in 2013, Twitter had around 100 million daily active users. As of the most recent quarter, the social network's daily user base was only 211 million, much lower than Instagram, Facebook or TikTok. The company recorded a net loss of $537 million in the third quarter, compared with a profit of $29 million in the same period last year.
Many people also pointed out that this social network also facilitates the spread of false information, as well as facing many controversies surrounding the decision to permanently ban former President Donald Trump's personal account after the violent incident. on January 6 on Capitol Hill (USA). In March, Jack Dorsey, Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai testified before federal lawmakers on a variety of issues, from misinformation about Covid-19 vaccines to child protection. children on online social networking platforms.
If he really leaves Twitter this time, Jack Dorsey will leave behind a mixed legacy: a platform useful and potential for communication, but also one that is being exploited and abused by too many bad guys. ", said Paul Barrett, deputy director of the NYU Stern Center for Business and Human Rights.
A two-time college dropout, certified massage therapist and amateur fashion designer before turning to technology, Jack Dorsey took a unique approach to becoming a famous billionaire with charity activities.
In April 2020, Jack Dorsey pledged to give away a third of his Square shares (at the time worth about $1 billion) to fund Covid-19 relief, health and education for girls as well as basic income issues. A year and a half later, the entrepreneur is almost halfway to his goal of giving away $1 billion, according to data from a Google Doc page that Dorsey publicly set up to track his efforts.
But because the Square shares that this billionaire donated to have now increased in value compared to the original pledge, so the amount of Jack Dorsey's pledge has increased. Deducting the amount contributed, Jack Dorsey will have to donate another $ 3.2 billion, if calculated at today's stock value.
Dorsey will remain as CEO of Square and will also stay on Twitter's board of directors until his term expires in May 2022.
"There is a lot of talk about the importance of a company is led by founder," Dorsey wrote in an email to staff Twitter. "Ultimately, I believe that it is severely restricted and is a harbinger of failure. Not many founders choose their company over their own ego ."
Source : Genk