what is Jack Dorsey net worth?
Introduction to Jack Dorsey
Jack Dorsey net worth 2023: Jack Patrick Dorsey is an American billionaire technology entrepreneur and philanthropist who is the co-founder and CEO of Twitter and the founder and CEO of Square, a financial payments company.. He is one of the richest people in the world right now.
In this write up, Glusea brings to you Jack Dorsey net worth and everything else about him you need to know.
Jack Dorsey Net Worth Profile
|Net worth||$14 billion|
|Full name||Jack Patrick Dorsey|
|Date of birth||November 19, 1976|
|Title||CEO of Twitter and Square Inc.|
|Years active||2008 – present|
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Early Life and Career Beginnings
Jack Patrick Dorsey is an American billionaire technology entrepreneur and philanthropist who is the co-founder and CEO of Twitter, and the founder and CEO of Square, a financial payments company.
Dorsey was born and raised in St. Louis, Missouri, the son of Tim and Marcia (née Smith) Dorsey.
He is of Irish, German and Italian descent. His father worked for a company that developed mass spectrometers and his mother was a homemaker. He was raised Catholic, and his uncle is a Catholic priest in Cincinnati.
Dorsey attended the Catholic Bishop DuBourg High School. In his younger days, Dorsey worked occasionally as a fashion model.
By age 14, Dorsey had become interested in dispatch routing. Some of the open-source software he created in the area of dispatch logistics is still used by taxicab companies.
Dorsey enrolled at the University of Missouri–Rolla in 1995 and attended for two-plus years before transferring to New York University in 1997, but he dropped out two years later, one semester short of graduating.
He came up with the idea that eventually became Twitter while studying at NYU.
Jack Dorsey Career
While working on dispatching as a programmer, Dorsey moved to California. In 2000, Dorsey started his company in Oakland to dispatch couriers, taxis, and emergency services from the Web.
His other projects and ideas at this time included networks of medical devices and a “frictionless service market”. In July 2000, building on dispatching and inspired in part by LiveJournal and by AOL Instant Messenger, he had the idea for a Web-based realtime status/short message communication service.
When he first saw implementations of instant messaging, Dorsey wondered whether the software’s user status output could be shared easily among friends.
He approached Odeo, which at the time happened to be interested in text messaging. Dorsey and Biz Stone decided that SMS text suited the status-message idea, and built a prototype of Twitter in about two weeks.
The idea attracted many users at Odeo and investment from Evan Williams, a co-founder of that firm in 2005 who had left Google after selling Pyra Labs and Blogger.
Williams, Stone and Noah Glass co-founded Obvious Corporation, which then spun off Twitter, Inc., with Dorsey as the Chief Executive Officer (CEO).
As CEO, Dorsey saw the startup through two rounds of funding by venture capitalists. He reportedly lost his position for leaving work early to enjoy other pursuits, such as yoga and fashion design.
As the service began to grow in popularity, Dorsey chose the improvement of uptime as top priority, even over creating revenue which, as of 2008, Twitter was not designed to earn.
Dorsey described the commercial use of Twitter and its API as two things that could lead to paid features.
He says his three guiding principles, which he says the company shares, are simplicity, constraint and craftsmanship.
In 2008, Dorsey was relieved of his post as Twitter CEO, He then became the Chairman of Twitter Board.
n June 10, 2015, Costolo announced his resignation as CEO, effective July 1, 2015. Dorsey assumed the post of interim CEO upon Costolo’s departure. He was named permanent CEO on October 5, 2015
Jack Dorsey net worth increased as a result of earnings from Twitter. He is also a bitcoin preacher.
Square Inc. and Other Ventures
Dorsey, along with co-founder Jim McKelvey, developed a small business platform to accept debit and credit card payments on a mobile device called Square, released in May 2010.
The small, square-shaped device attaches to iPhone, iPad, iPod Touch, or Android devices via the headphone jack, and as a mini card reader, allows a person to swipe their card, choose an amount to transfer to the recipient and then sign their name for confirmation.
Square is also a system for sending paperless receipts via text message or email, and is available as a free app for iOS and Android OS.
The company grew from 10 employees in December 2009 to over 100 by June 2011. Square’s office is on Market Street in San Francisco.
In September 2012, Business Insider magazine valued Square Inc. at US$3.2 billion. Dorsey is CEO of Square, Inc.
Jack Dorsey net has been cushioned by revenue from Square In.
Earnings and Compensation
As Former Chief Executive Officer at TWITTER INC, Jack Dorsey made $1 in total compensation. Of this total $1 was received as a salary, $0 was received as a bonus, $0 was received in stock options, $0 was awarded as stock and $0 came from other types of compensation.
Dorsey was announced as a new member of the board of directors of The Walt Disney Company on December 24, 2013.
Dorsey is a board member of the Berggruen Institute’s Governance Center. Dorsey gives advice in a chapter of Tim Ferriss‘ book Tools of Titans.
In 2019, Dorsey contributed financially to the campaigns of Democratic 2020 presidential candidates Tulsi Gabbard and Andrew Yang..
Until 2021, Dorsey applied “world leader” exceptions that enabled President Donald Trump to post content on Twitter that would normally be removed or generate sanctions per the platform’s rules.
In May 2020, some of Trump’s tweets received warning labels, and from Election Day in November 2020, more flaggings were applied to his tweets.
On January 6, 2021, after pro-Trump supporters stormed the U.S. Capitol, Twitter applied a 12-hour timeout to Trump’s account for violating its Civic Integrity policy.
Trump’s account was suspended permanently on January 8. On January 14, Dorsey defended banning Trump.
Jack Dorsey Net Worth
Jack Dorsey net worth is about $14 billion making him one of the richest CEOs in the world. According to Businessinsider, Dorsey was made a billionaire by Twitter.
In March 2016, Dorsey fully funded about 600 Missouri public school projects registered at DonorsChoose.
In October 2019, Dorsey donated $350,000 to #TeamTrees, a nonprofit started by YouTuber MrBeast that pledged to plant 20 million trees by the end of 2019.
On April 7, 2020, Dorsey announced that he will move about $1 billion of his equity in Square, Inc., just under a third of his total wealth, to Start Small, LLC, and to relief programs related to the coronavirus.
He committed to funding COVID-19 relief, girls’ education and health, and universal basic income. Dorsey has donated $24 million to over 40 different grantees for relief efforts.
In August 2020, Dorsey donated $10 million to Boston University’s Center for Antiracist Research, founded by Ibram X. Kendi.
Assets and Luxury Possessions
But behind his weekend fasting and cold showers Dorsey also boasts a $32million San Francisco compound and an estimated net worth of $3billion.
With that cash he has also splurged on fast cars and is said to own a BMW 3 Series he “rarely drives.”
And despite travelling to work by bus in Twitter’s early years the Silicon Valley giant likes to now wear Dior, Hermes and Prada to the office.
His home in the exclusive Sea Cliff neighborhood boasts Golden Gate Bridge views and is seen as one of San Francisco’s most pricey areas.
Awards and recognition
Jack Dorsey has won several awards and honors, among them includes;
- In 2008, he was named to the MIT Technology Review TR35 as one of the top 35 innovators in the world under the age of 35.
- In 2012, The Wall Street Journal gave him the “Innovator of the Year Award” for technology.
- At the 5th Annual Crunchies Awards in 2012, hosted by TechCrunch, Dorsey was named Founder of the Year.
- In 2013, he was considered by Forbes the world’s most eligible bachelor.
Jack Dorsey net worth is valued at 3 billion. He is Internet entrepreneur, philanthropist, programmer who is a co-founder and former CEO of Twitter, Inc., as well as co-founder, principal executive officer and chairperson of Block, Inc.
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