Jack Dorsey Net Worth

Jack Dorsey’s net worth is estimated to be $4.5 Billion. He is a Twitter co-founder and previous CEO. He is also the CEO and founder of the payments company Block Inc., previously the mobile payments company Square.

Based in San Francisco, Twitter was a spinoff of the Obvious Corporation, of which Dorsey became the chief operating officer. He was a the helm through two rounds of venture capital funding but was ousted when his love of yoga and fashion design saw him pursuing interests outside Twitter to the detriment of the company.

Adding to his net worth, Dorsey was instrumental in developing Square’s payment processing platform. The business grew swiftly, and within two years, the number of employees had risen from 10 to over 100.  

By the end of 2012, Square was valued at over $3.2 Billion. Jack Dorsey owns a quarter of the company. Due to his love of the blockchain technology that underpins the cryptocurrency market, Dorsey changed the company’s name to Block Inc.

Dorsey has always had an interest in politics, with visits to various nations as part of official government delegations being a big part of his life. He has visited Iraq and Russia and continues to interact with the US government on various aspects of their cyber focus.

There was some controversy over his company’s role in the Iranian government’s overthrow when Twitter delayed certain maintenance services scheduled to be run when they coincided with the start of the revolution. Certain state department officials requested him to delay the work so that organizers of the revolution could continue to make contact with each other over Twitter.

He has also expressed a desire to run for mayor of New York during interviews on CNN.

He is a vocal Bitcoin advocate and is a sought-after speaker at various Bitcoin conferences around the world.

Jack Dorsey’s Personal Life

Jack Dorsey was born in St. Louis, Missouri. His family has strong Italian roots on his mother’s side. His father, Tim Dorsey, and mother, Marcia Dorsey, raised him in a Catholic household. His uncle is a Catholic priest.

He attended Bishop DuBourg High School and was interested in fashion modeling. He created open-source dispatch software used in the taxicab industry and for emergency service dispatch. This interest in dispatch routing and his growing programming skills paved the way for him to produce a working Twitter model within 2 weeks in 2000.

He attended New York University but left one semester before graduating.

Twitter CEO

As the returning ex-Twitter CEO, Dorsey was appointed as the executive chairman, with Dick Costolo as the new CEO in San Francisco. 2015 saw the departure of Costolo, and Jack Dorsey was appointed as the interim CEO.

With Twitter’s usage dropping, Dorsey implemented a new 140-character limit that excluded photos and links. This allowed users more text space for their messages. Dorsey’s tenure was not without incident, as he was locked out of his own account in 2016 due to an error and had to apologize to his followers for the mistake.

With yet another controversial move before the 2018 elections, Dorsey oversaw the implementation of new verification procedures and banned political advertisements on Twitter. The Twitter share price fell over 6% after revelations during hearings on meddling in the 2016 elections.

Jack Dorsey’s Net Worth

Jack Dorsey’s net worth is intimately tied to the performance of Twitter stock. In 2019, the stock was hammered by a 24% drop in value, down to $30.75 per share.

The hedge fund Elliott Management headed by Paul Singer, targeted Dorsey in 2020. They were looking to replace him, but help from Elon Musk and Vitalik Buterin led to an agreement with the hedge fund, which saw Dorsey remain as CEO.

All of these behind-the-scenes maneuvers did little to deplete Dorsey’s net worth with his position as one of the richest men in the world intact.

His salary is well known to be $1.40 per annum, as he earns the bulk of his money from dividends and investment returns from his healthy investment portfolio.

Dorsey is reported to own a 160-foot mega-yacht with a running cost of $240,000. The value of the yacht is unknown.

Mobile Payments Company Square

Apart from a co-founder of Twitter, Dorsey is the founder of the company Square.

Square processes credit card payments via a device that you plug into your Apple or Android device. Dorsey wrote dispatch software to help taxicab companies deploy their cars, and his experience as a programmer has helped to create another billion-dollar company in just a few years, this time in the credit card payments industry.

He is the chief executive and holds Square equity, which bolsters his net worth.

Jack Dorsey’s Donations

Jack Dorsey is concerned about kids and their education. He has been involved in funding 600 Missouri public school projects and supports the planting of trees to the tune of $350,000.

He has also pledged to move a third of his wealth held in Square, Inc. equities to a company, Start Small, as well as to various Corona Virus relief projects. He also believes that a Universal Basic Income grant will help support ordinary individuals as technological advances and AI remove more jobs from the market.

Jack Dorsey has also donated over $10 Million to the Center for Antiracist Research based at Boston University. In 2021, his donation to support relief efforts in India’s 2^nd wave of COVID-19 amounted to more than $15 Million.

Jack Dorsey’s almost $5 billion fortune is only enough to rank him number 492 on the Bloomberg Billionaires Index. Barring a major world financial calamity, Jack Dorsey’s net worth will remain above $5 Billion for the foreseeable future.

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