Twitter CEO Jack Dorsey is giving about 1/3 of his stock in the company – an exactly 1% ownership stake – back to employees.
“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,” Dorsey tweeted. “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!”
Based on Twitter’s current closing price of $29.15 per share, Dorsey’s just given over about $214 million worth of company stock back to employees.
Better yet, Dorsey actually announced this to Twitter by posting the tweets while on stage in front of the company’s employees:
— Dan Jackson ???????? (@DanJackson415) October 23, 2015
This move comes just over a week since Dorsey announced via SEC filing that he’s given 15 million shares of Square, the payments company where he also serves as CEO, back to the company and to the Start Small Foundation. And he’s going to be giving back 40 million more shares back to the foundation, which invests in small creative businesses and people, such as artists and musicians.