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Jack Dorsey gives back

Friday, October 23, 2015 - 01:13

Twitter CEO and co-founder is giving his shares worth about $200 million to the employee stock pool. That should help morale, says an analyst. Fred Katayama reports.

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Jack's giving back. Twitter co-founder and CEO Jack Dorsey says he'll give about $200 million worth of his stock in the company over to the employee stock pool. That's a third of his Twitter shares. He tweeted, "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." That's one way to jack up morale. This comes after a layoff announcement last week and a series of changes in the executive suite over the last few months. Employees thanked him on Twitter. Comments ranged from "This is why I work at Twitter" to "proud to work here." Investors driving Twitter shares sharply higher in early trading, trimming the stock's 18 percent loss this year. Sterne Agee CRT analyst Arvind Bhatia said, "It's a good move. He's showing commitment, showing he cares at a time when morale is seemingly low. The message is, 'People who are here care about you.'" With a net worth of $2.2 billion according to Forbes, Jack's latest contribution amounts to more than 8 percent of his resources. He's in a charitable mood. Dorsey will also give shares worth a tenth of the other firm he heads, Square, to an artists foundation.

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Jack Dorsey gives back

Friday, October 23, 2015 - 01:13