Jack Dorsey is an American computer programmer and Internet entrepreneur who is the co-founder and CEO of the online social networking service, Twitter, and also founded the mobile payments company, Square Inc. Right from start, Jack Dorsey has had a thing for all things tech. Fascinated by the IBM models, he went on to write a program for dispatching taxis and firefighting services in 1991. He was fifteen at the time. Some of the open-source software Dorsey created in dispatch logistics/routing is still being used by taxicab companies today.
After graduating high school, He went on to study at the Missouri University of Science and Technology from 1995 to 1997, before transferring to New York University. It was at NYU Dorsey first came up with the idea for Twitter. He soon dropped out of college to pursue his passion. With everything in place, Dorsey teamed up with a few of his friends and launched Twitter in 2006 two years after the launch of Facebook. Since that time, the tech company has grown in leaps and bounds, turning its earliest investors and founders, including Jack Dorsey, into billionaires. This piece answers the question, what does Jack Dorsey earn as salary, and how did he amass a net worth of nearly $5bn. Let’s find out together.
What Does Jack Dorsey Earn as Salary?
Although he’s currently the face of Twitter, Jack Dorsey wasn’t the only guy in the room that day when Twitter was being cooked up. Odeo executives Evan Williams, Biz Stone and Noah Glass had previously co-founded Obvious Corporation, of which Twitter, Inc. became an offshoot. And within two weeks of creation (in October 2006), Dorsey created a safe site where users could post instant short messages no longer than 140 characters called tweets. As Chief Executive Officer, Dorsey spearheaded the efforts to raise funding from venture capitalists to oversee the improvement of the uptime and efficiency of the new messaging platform.
After reportedly losing his place as CEO for closing work too early, Dorsey made way for Evan Williams, while he (Dorsey) became chairman of the board in October 2008. Barely three years later in March 2011, Dorsey became Twitter’s Executive Chairman after Dick Costolo became CEO in the stead of Williams. After Costolo resigned in July 2015, Dorsey was named the permanent CEO of Twitter on October 5, 2015. As CEO, Dorsey enacted policies and changes to the platform that saw Tweets peaking at 661 million per day in August 2014.
In September 2018 however, Twitter was caught up in a Techlash that had rocked Facebook and other major tech players. After testifying before the Senate Intelligence Committee about interfering in the 2016 presidential election; Twitter shares fell by a whopping 6%. By April 2019, concerns about the uncivil nature of the Twitter space necessitated a private between Dorsey and U.S. President Donald Trump at the White House. Twitter had reportedly removed some of his followers, and those of conservatives. His TED talks that year centered upon Twitter’s perceived spread of abuse and misinformation; which earned him intense criticism from various quarters.
So much for CEO, right? Well, while many think Jack Dorsey gets handsomely paid for work and for being the Twitter top man; here’s a shocker for you. In 2018, Twitter paid Dorsey a $1.40 salary. What’s more, this was after he received a raise. Else, he’d gone on a $0.00 pay during the previous years. And he isn’t the only one in this category, Facebook founder and CEO Mark Zuckerberg also earns a paltry salary of $1 a year. That’s not to negate the 16 million Twitter shares Dorsey holds; which are worth over $557 million as of this writing.
How Is He Worth Nearly $5bn?
Who amasses a net worth of nearly $5bn on a $1.40 salary and shares worth $557 million? Well, it so happens that we haven’t reeled out the whole package yet. Wait for it. According to Forbes, Jack Dorsey’s net worth as of March 2019 is roughly $5.1 billion. Asides Twitter, Dorsey is the co-founder of payment platform Square, established in May 2010. Square is also used to sending paperless receipts via text message or email.
As of September 2012, Square Inc is valued at US$3.2 billion. As CEO of Square, Inc. Dorsey owns 24.4% of the company. Asides these, Jack Dorsey reportedly earns in multiple waves from investments he’s yet to enlist. He drives exclusive BMWs and owns a seaside apartment on El Camino Del Mar; in the lush Seacliff neighborhood of San Francisco. The property is valued at $9.9 million.