Jack Dorsey tweets to give away 1 percent of his shares to the employees of Twitter Inc.
The CEO of micro blogging giant has announced on his website that he will be giving away one-third of his share to the workforce which is 1% of the company showing his generosity.
Jack Dorsey was recently announced as the CEO of the company once again and had made major changes for future success of the company, He tweeted on Thursday, “I’m giving around one-third of my Twitter stock to our employee equity pool to reinvest directly in our people.” The chief executive and co-founder of the company clearly mentioned his decision in the tweet that he wants his employees to have the share leading to the conclusion that he has no interest in keeping a bigger share and is more than okay with having a smaller one, he said that he is sure the company can get even bigger through combined efforts.
After giving 1% of shares he will be left with 2.23% shares in the social media network, even after giving 1% up he will still be the seventh on the list as the largest shareholder after Microsoft’s former CEO, Steve Ballmer has 4% of shares in the company. Recently the micro-blogging service cut its workforce by almost 8% globally, which did play a negative role between the relationships of the company and the employees. Jack Dorsey sent a personal e-mail to the entire workforce mentioning that he would help the fired employees get another job as well as other services in order to compensate but that evidently did not help so he made this huge announcement through the platform with a hope of improvement in the cold relationship between the two.
He has been the CEO for just 100 days since July when Dick Costolo resigned, second quarter earnings were not good of the company with concerns of user growth or monthly active users. This was also one of the reasons why Dick Costolo reigned. Since Dorsey has been re-assigned as he has been making changes to counter the problem and speed up the user growth, hence he is trying to keep employees happy and motivated to get better output since the company is going through a tough time. He released lighting project called as moments on the social media. Morgan Stanley downgraded twitter stock on Wednesday from Equal weight to underweight since he has no expectations that the firm will be able to reach Wall Street estimates in the coming quarter.
Twitter stock news shows that the stock currently stands at $31 currently.