New Media Mogul: November 5, 2012
At 35, Jack Dorsey was running two of the hottest startups in America: Twitter and Square. In less than three years, Twitter had gone from 30 million monthly active users worldwide to 167 million, creating citizen journalists of a sort who filed more than 400 million tweets a day. Its revenue would top $300 million in 2012. Square, meanwhile, would end the year with $203 million in revenue and would more than double that the next. Rising valuations for the two companies gave Dorsey a $1.1 billion fortune, enough for him to make The Forbes 400 for the first time.
He already had his eye on something bigger, though. “I don’t think there has been any recent revolution of our government or how we think about running governments,” he told us. “I would love to see technology help with that.”
Dorsey probably couldn’t have imagined just how dramatically Twitter would end up changing the tenor of American government. Twitter is the president’s preferred communication method, of course, and has become one of the world’s most powerful means of distributing information. Square is less talked about, but more successful financially: Although Twitter’s revenue fell in 2017, Square’s continues to rise, increasing 30% last year to $2.2 billion. Dorsey is now worth $6.3 billion.