Jack Dorsey gives 10% of his equity back to Square

Jack Dorsey gives 10% of his equity back to Square

Just one day after news emerged that Facebook co-founder Mark Zuckerberg had sold 41m of his shares for north of $2bn, news has emerged that Square founder (and Twitter man) Jack Dorsey has returned 10% of his shares to the company.

As Fortune reports, Dorsey made the announcement at a Square holiday party last weekend, and the move is likely designed to free-up more stock for new and existing employees, and reduce dilution for shareholders.

So. Much. Tech.

Some of the biggest names in tech are coming to TNW Conference in Amsterdam this May.

Prior to this, Dorsey owned almost a third (30%) of Square, which means he’s returning around 3%  of the company’s overall equity. And, based on estimates of the company’s valuation which has previously placed it at at least $3.25bn, Dorsey’s returning a minimum of $97.5 million, through Fortune suggests it could be as much as $150m.

At any rate, in the wake of Twitter’s recent IPO, Dorsey probably isn’t short of a few bucks, right?

Fortune | Square’s Dorsey returns 10% of his shares

Feature Image Credit – Bill Pugliano/Getty Images

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