Jack Dorsey is the man behind Twitter, which is one of the biggest social media platforms in the world. Along with co-founders Evan Williams, Biz Stone, and Noah Glass, the social media platform was created after the former three's idea for a podcast platform fell through. Currently, Jack Dorsey is Twitter's CEO. He became the CEO in 2015.
Twitter was founded in 2006 and easily changed the course of Dorsey's life. According to Business Insider, within hours of Twitter going public in November 2013, Dorsey became a billionaire.
What is Jack Dorsey's net worth?
According to Forbes, Dorsey is currently worth $10.2 billion. Twitter gained $936 million in revenue in the third quarter of 2020, which is more than the $777 million that was expected, according to Refinitiv and CNBC. Overall, the company is estimated to be worth $4.4 billion with shares worth $42.85.
Twitter's stock prices fell by more than five percent during the summer of 2020 due to reported security hacks. The hacks impacted some big-name accounts including Microsoft, Tesla, and former president Barack Obama.
After giving most of his Twitter shares to company employees, Dorsey owns two percent of the company. His portion is worth about $531 million, according to The New York Times.
Dorsey is also the CEO of Square. He owns about 13 percent of the company. His portion of Square is worth $4.9 billion. Currently, the stock is worth $187.90 per share.
Dorsey has called bitcoin "the best" Internet currency
According to Forbes, Dorsey has invested in bitcoin because it's "consensus-driven" and has no one owner. "The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet," Dorsey told Reuters in an interview last week.
He said, "We believe there needs to be a global native currency for the internet. Just as everyone should be able to participate in the economy and have access to the same tools and services, so too should everyone be able to participate in cryptocurrencies and have access to its underlying innovation."
To do this, Dorsey started the COPA (Cryptocurrency Open Patent Alliance). Square partners with cryptocurrency firms to "pool patents and preserve the industry’s open-source spirit."
Where does Jack Dorsey live?
Dorsey lives in a lavish home, which also adds to his net worth. Although he grew up in St. Louis, Dorsey lives in San Francisco. Business Insider said that Dorsey lives in a seaside home that he paid $9.9 million for in an exclusive neighborhood.
When did Jack Dorsey start Twitter?
Twitter was founded in 2006. Dorsey was brought onto the team by Noah Glass. An article in Business Insider about Twitter's founding said that Glass, Biz Stone, and Evan Williams were looking for a new venture after their initial plan for a podcast platform called Odeo fell through.
At that time, Odeo had 14 full-time employees and one of them was Dorsey. Glass called him "one of the stars of the company" and wanted to work on this new business venture with him. Dorsey's idea became what we know as Twitter today.
"He started talking to me about this idea of status and how he was really interested in status," Glass told Business Insider. "I was trying to figure out what it was he found compelling about it."
Is Jack Dorsey involved in philanthropy?
Dorsey plans to take the same route as Warren Buffett and give away all of his wealth in his lifetime. Dorsey has already given away most of his Twitter shares. He lives by a principle that makes helping others important to him. "I live by the principle of everything is connected, so if someone is in pain, I’m in pain, ultimately, over time," Dorsey told Andrew Yang on his podcast Yang Speaks.
"I want to make sure that I’m doing whatever I can in my lifetime to help that through my companies’ works, through my own personal giving," Dorsey told Yang.
The CNBC article said that Dorsey works to tackle different avenues like COVID-19 relief efforts, universal basic income, and girl's health and education. "I want to give out all my money in my lifetime. I want to see the impacts, selfishly, in my lifetime," Dorsey told Yang. "I want to make sure that we’re helping people."
What is Jack Dorsey's foundation?
Dorsey's Start Small Foundation isn't technically a foundation, but an LLC. In a tweet, Dorsey said he chose to make it an LLC for ease and flexibility.
In April 2020, Dorsey tweeted that he's giving away $1 billion of his Square equity or about 28 percent of his wealth to fund COVID-19 relief on a global scale. He tracks everything that happens with Start Small in a Google Doc for transparency.
Is Jack Dorsey married, does he have any siblings?
Business Insider said that Dorsey has dated a number of models, but he isn't married. He has been linked to Sports Illustrated model Raven Lyn Corneil and entrepreneur Kate Greer. Dorsey is an only child and doesn't have any kids of his own.