Jack Dorsey Gives Twitter Employees a Third of His Stock

Dorsey just announced Twitter is laying off 8% of its workforce – over 300 people. Owning more than 82 million share of Amazon, Jeff Bezo’s net worth is more than $55 billion, making him the third-richest man in America as recently reported by the Inquisitr. Although Twitter is weeding out a few workers, Dorsey can be seen trying to make the remaining team more comfortable so that they can contribute their best to transforming the company.

It’s been a rough couple of weeks since Twitter co-founder Jack Dorsey took over as CEO.

In an eventful month for the tech giant, Twitter also announced the appointment of Google chief business officer Omid Kordestani to its board of directors. The move will result in roughly $200 million worth of stock being reinvested into the employees, a move likely meant to boost morale after a corporate layoff a week before and increase the stock options of current and future employees. The announcement came on Dorsey raising concerns that the company’s workforce may be bloated thereby affecting the development of new products.

Twitter’s stock gained 5 per cent to $30.63 in Friday’s afternoon trading.

Twitter did not comment further on the move. According to Ballmer, his decision to purchase Twitter stock was predicated on the recent decline in the messaging company’s declining stock price and belief it has the ability to make a comeback. At Square Inc, where he is also the CEO, Dorsey intends to donate 40 million shares to a charitable organization that he founded.

Last night the Twitter boss declared he was to give away a third of his stock of the company and channel it back into the employee compensation pool.

Beyond its generosity, the gift is a strategic effort to retain and attract key talent at the social media company, roiled by months of leadership uncertainty and questions over its long-term growth.