DETROIT, MI, – SEPTEMBER 12: Jack Dorsey, Chairman of Twitter and CEO of Square, speaks at TECHONOMYDETROIT September 12, 2012 in Detroit, Michigan. The event, hosted by the Detroit Economic Club, is a one-day multidisciplinary gathering of national and local leaders about reigniting U.S. competitiveness, creating jobs, and revitalizing our cities in a technologized age. […]
Credit: Bill Pugliano
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.
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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