Jack Dorsey, the CEO of Twitter, has said on Twitter today that he will give away one third of his shares to Twitter employees.
The shares are about 1 percent of the total worth of the San Franciso based Twitter and are currently valued at $200 million. He said that this will be a way to “revinvest directly in our people”. The shares will be going to the employee equity pool. He tweeted:
“I’d rather have a smaller part of something big than a bigger part of something small. I’m confident we can make Twitter big!”
After the recent staff cuts that Twitter undertook, this announcement is a morale booster for the employees. Dorsey has taken some big steps in the two weeks that he has been CEO of the Twitter. Some of these included reduction of 8 percent in the workforce of Twitter, appointment of a new executive chairman and launch of a new product called Moments.
Dorsey also owns 24.4 percent shares of Square and he is also giving away a big share of that wealth to an organization he has created called The Start Small Foundation which will be investing in musicians, artists and local businesses in the communities that are under served.