You Won’t Believe What Jack Dorsey Makes for Selling Twitter to Elon Musk
Jack Dorsey is one of Twitter’s co-founders and its former CEO. Pretty much since the website started back in 2006, the social network has had his face. His story-from college dropout to certified masseuse to tech billionaire-is one of the more interesting ones to come out of Silicon Valley.
When Elon Musk made an all-cash offer of $43 billion to acquire Twitter, there was little question that Dorsey would receive a hefty payout. That’s because even though the tech entrepreneur stepped down as CEO in November 2021, he still retains ownership of around 2% of Twitter. Assuming Musk’s acquisition of Twitter pulls through, estimates indicate Dorsey will pocket roughly $860 million from his stake in the company.
However, Twitter hasn’t been the primary driver of his vast fortune. In fact, roughly 88% of his $6.92 billion net worth, positioning him 341st on the Bloomberg Billionaires Index, is comprised of his ownership stake in Square, a fintech company he co-founded back in 2009. It has been Dorsey’s 11% stake in Square-now rebranded as Block, since 2021-that has been his big moneymaker. Presently, it values $61.65 billion in the market, if recent reports are anything to go by, with revenues within 2021 reaching $17.7 billion.
Though no longer leading Twitter, Dorsey remains quite active with Block as CEO and president of the company. He has also demonstrated an activist side; in 2020, he pledged $1 billion of his Square equity to support work through his charity, Start Small LLC, initially focused on COVID-19 relief efforts.
While impressive, the Twitter payday from the Musk acquisition, his leadership at Block, and other ventures remain key drivers of his massive financial success.
