Why Twitter CEO Jack Dorsey Is Giving Away One-Third of His Stock to Employees
Jack Dorsey says he'd "rather have a smaller part of something big."
— -- Twitter CEO Jack Dorsey is giving employees a $200 million piece of his ownership in the company because he said he'd "rather have a smaller part of something big than a bigger part of something small."
Dorsey said in a tweet he would put one-third of his Twitter shares into an employee equity fund "to reinvest directly in our people." The gift amounts to a 1 percent stake in the company.
"I'm confident we can make Twitter big!" Dorsey wrote of his decision, which comes the same month he was appointed permanent CEO of the company he co-founded. It also comes weeks after Dorsey made the decision to lay off 336 people -- approximately 8 percent of Twitter's work force -- in order to put the company on a "stronger path to grow."