Twitter's newly-installed CEO Jack Dorsey has announced that he's giving away one-third of the company stocks he owns to employees. If you're wondering, that's exactly 1% of the company, which translates into an estimated $214 million. He made the announcement in a tweet on the micro-blogging service.
🐥⚡️ I'm giving ~1/3rd of my Twitter stock (exactly 1% of the company) to our employee equity pool to reinvest directly in our people.— Jack (@jack) October 23, 2015
The move, quite clearly, is aimed at boosting the morale of the employees, given that the company is currently facing layoffs - just last week, it was announced that up to 336 jobs, which translates into 8% of the company's total workforce, will be cut. Dorsey has also recently given back 15 million shares of Square, another company he heads, to its employees.
As for me: 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! ✌️— Jack (@jack) October 23, 2015
If you aren't in the know, former executive officer of Microsoft Steve Ballmer recently announced that he has bought a 4% stake in Twitter, making him the third largest individual shareholder in the company.