Jack Dorsey Is Giving a Third of His Stock Away ... to Twitter Employees

Josh WolfordBusiness

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Twitter CEO Jack Dorsey isn't wasting any time making friends among his company's workforce.

Dorsey has announced that he's giving about one-third of his Twitter stock back to his employees. That's about $200 million. Dorsey has around 22 million shares.

"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," wrote Dorsey in a tweet.

"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!"

Also, it's important to notice that we now live in a world where CEOs of major companies are making important stock announcements with little chick emojis. It's the future.

A cycnic could see this announcement as a little bit of damage control. Dorsey just announced Twitter is laying off 8% of its workforce – over 300 people. The cuts will come mostly from Product and Engineering, according to Dorsey.

"The roadmap is also a plan to change how we work, and what we need to do that work. Product and Engineering are going to make the most significant structural changes to reflect our plan ahead. We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organization will be streamlined in parallel," he said in a letter to the company.

"So we have made an extremely tough decision: we plan to part ways with up to 336 people from across the company. We are doing this with the utmost respect for each and every person. Twitter will go to great lengths to take care of each individual by providing generous exit packages and help finding a new job."

That package reportedly includes two months of pay and benefits through the end of 2015.

Josh Wolford
Josh Wolford is a writer for WebProNews. He likes beer, Japanese food, and movies that make him feel weird afterward. Mostly beer. Follow him on Twitter: @joshgwolf Instagram: @joshgwolf Google+: Joshua Wolford StumbleUpon: joshgwolf