Twitter’s newly appointed CEO Jack Dorsey has gathered much of the headlines ever since the commencement of his reign, largely accounting to his bold moves. In an another unexpected step, jack Dorsey has announced that he will be channeling one-third of his personal stake in the company —around 1 percent of Twitter — to an employee equity pool.
In a series of two tweets, Dorsey said –
I’m giving around 1/3 of my Twitter stock (exactly 1 percent of the company) to our employee equity pool to reinvest directly in our people. 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!
Dorsey, who also happens to be the co-founder of Twitter, has closely watched the growth of the platform over the years and had also served as CEO from May 2007 to October 2008.
Ever since he acquired the CEO post again, he has been taking some huge leaps, including the lay off of 300 employees which accounts to around 10 percent of Twitter’s global workforce.
Despite giving up the stake, Dorsey will remain Twitter’s seventh largest shareholder with a 2.23 percent stake in the company.