Despite stepping down as Twitter CEO, Jack Dorsey's net worth 2021 has increased about 10 times from how much he has decades ago. Interestingly though, it's not largely because of his microblogging platform.
Jack Dorsey Steps Down as Twitter CEO
In a Twitter post, Jack Dorsey revealed his resignation as Twitter's CEO on Monday after several allegations that he was about to leave the firm.
not sure anyone has heard but,— jack⚡️ (@jack) November 29, 2021
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
Written in the resignation letter sent to Twitter employees, Dorsey stated that he decided to step down as the CEO of Twitter after almost 16 years.
With regards to the reason for his resignation, Dorsey explained in his email that "There's a lot of talk about the importance of a company being 'founder-led.' Ultimately, I believe that's severely limiting and a single point of failure."
Moreover, Dorsey will be replaced by the chief technology officer of Twitter Parag Agrawal. The former Twitter CEO added in his email that he has expressed bone-deep confidence in Parag leading the company.
Ending his resignation letter, Dorsey said that his one wish for Twitter is to be the most transparent company in the world.
In addition to this transparency, Dorsey has led the firm through problems such as the platform's proposal to ban former US President Donald Trump from Twitter. This has occurred after the protests in the Capital on January 6 and his unwillingness to recognize his defeat in the 2020 US Presidential Election, per The Scotsman.
Following the news, Twitter shares jumped 11 percent in value in the previous 24 hours on Monday.
Dorsey's resignation follows his growing focus on cryptocurrencies, decentralized finance, and FinTech since co-founding Square, Inc--a PayPal digital payment competitor--in 2010.
Jack Dorsey Net Worth 2021
As of writing, Jack Dorsey's net worth is worth $11.8 billion, and he is the 53rd richest person in America, per Forbes.
The said net worth is roughly 10 times from how much he has a decade ago, but he doesn't owe it to Twitter.
In another Forbes report, it stated that Jack Dorsey's net worth is almost entirely based on his nearly 11 percent share in Square.
For those who are not familiar with Square, it is a fintech company that allows small companies to accept credit cards. It also controls the mobile money service software CashApp. Since January 2020, the stock price of Square has almost quadrupled, reaching $212 per share as of writing.
Dorsey, 45, cofounded Square with Jim McKelvey in 2009 and took over as CEO almost immediately, only a few years after co-founding Twitter. After being dismissed in 2008, he returned to Twitter as CEO in 2015, the same year Square was publicized.
With that being stated, he ran both companies simultaneously for six years and his perseverance has paid off monetarily.
On the other hand, Dorsey set aside $1 billion of his Square shares in 2020 to assist COVID-19 relief in the United States and worldwide. He claimed that this amount represents about a quarter of his net worth, per The Scotsman.
I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: https://t.co/hVkUczDQmz— jack⚡️ (@jack) April 7, 2020
Moreover, Dorsey's net worth soared to $6.3 billion in October 2018; however, it decreased to $2.6 billion as the pandemic hit the stock market in April 2020.
Furthermore, his real wealth was attained during the market's following recovery between April 2020 and November 2021. Through this, Jack Dorsey's net worth in 2021 has increased by more than $9 billion, reaching $14.9 billion this past October.