Twit­ter chief shares £128m of stock with em­ploy­ees

The Malta Business Weekly - - INTERNATIONAL -

Twit­ter chief ex­ec­u­tive and co­founder Jack Dorsey has said he will give a third of his shares in the firm to em­ploy­ees.

The to­tal stock is worth about 1% of the com­pany, or $197m.

The plan is to "rein­vest di­rectly in our peo­ple," said Mr Dorsey, who was ap­pointed as the com­pany's per­ma­nent leader ear­lier this month. Twit­ter did not com­ment fur­ther on the de­ci­sion.

Last week the com­pany said it would lay off 336 work­ers, or 8% of staff.

Mr Dorsey, who took over as tem­po­rary chief in July af­ter Dick Cos­tolo re­signed, also tweeted "I'd rather have a smaller part of some­thing big than a big­ger part of some­thing small."

Last week, former Mi­crosoft chief ex­ec­u­tive Steve Ballmer said he bought a 4% stake in Twit­ter, mak­ing him the third-big­gest in­di­vid­ual share­holder. Mr Ballmer now owns more of Twit­ter than Mr Dorsey, who owns about 3%.

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