In a move destined to boost morale, Jack Dorsey, the returning CEO of Twitter, announced in a pair of tweets (where else?) that he was giving one-third of his company stock back to employees. Dorsey actually live tweeted the announcement during a meeting with employees.
That represents a 1 percent ownership stake worth an estimated $214 million.
New York, are you ready?
We’re building Momentum: an all killer, no filler event this November.
This has been a busy time for the newly re-installed Twitter CEO. On October 13, Dorsey announced layoffs at Twitter totaling 8 percent in a bid to restructure the company. Just this week, Twitter held its second developer conference where it debuted a number of new tools.
As for stock giveaways, these are also not unheard of for Dorsey. As CEO of Square, he had previously handed over 15 million shares back to that company and to the Start Small Foundation, a company he founded.
He also said he’s giving 40 million additional shares to the foundation, which invests in small creative businesses and entrepreneurs.