Jack Dorsey was born in St. Louis, Missouri on November 19, 1976. At a young age, he developed an interest in computers and communications and began programming while still a student at Bishop DuBourg High School in St. Louis. The technological challenge of coordinating taxi drivers, delivery vans, and other fleets of vehicles that required constant, real-time communication fascinated him. Dorsey wrote dispatch software when he was 15 which is still used by some taxicab companies today.
Jack Dorsey’s Net Worth
According to Celebrity Net Worth, American web developer and businessman Jack Dorsey have a net worth of $7 billion. Despite the fact that he is best known as the co-founder and co-creator of Twitter, the majority of Jack Dorsey’s net worth comes from his stake in the mobile payments company Square.
In April 2022, when Elon Musk agreed to acquire Twitter, Jack Dorsey owned approximately 18 million shares or approximately 2% of Twitter’s outstanding shares. At the acquisition price of $54.20 per share, Jack’s 18 million shares were sold for approximately $974 million.
AS of 2022 Jack Dorsey Net Worth is $7 Billion.
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Jack Dorsey currently owns approximately 43 million shares of Square, which was renamed Block Inc. As of this writing, the value of these shares is approximately $4.5 billion. In addition, he controls approximately $1 billion in cash and other assets.
Jack has promised to donate over $1 billion to charity. He founded his pledge with Square shares in April 2020.
Square Company
In 2009, Jack co-founded Square, his second business. After a friend (who later became his co-founder) complained that he could not sell glass faucets and fittings because he did not accept credit cards, Jack had the idea. Square is a mobile payment/financial services company. If you’ve ever purchased something at a farmer’s market or food truck, the merchant probably swiped your credit card using a small, square card reader that was plugged into an iPad or iPhone.
In November 2015, Square went public, almost exactly two years after Twitter. On its first day of trading, Square had a market capitalization of $3 billion. The company’s last private funding round valued the business at $6 billion, so this was a major letdown.
The market capitalization of Square surpassed $100 billion for the first time in February 2021. Jack’s net worth was $16 billion at that time, with approximately $15 billion coming from Square.
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Massive Donation of $1 Billion
Until April 2020, Jack was the owner of approximately 60 million Square shares. These 60 million shares were worth $3.6 billion in April 2020. In April 2020, Jack announced that he would be transferring $1 billion worth of these shares to a newly formed LLC he named Start Small, which he said would focus on COVID-19 relief, women’s health, education, and Universal Basic Income. This $1 billion represented 28% of his total wealth at the time, meaning he was worth $3.57 billion the day prior to making the announcement. At the same time, his Twitter shares were valued at “just” $530 million.
This disparity in wealth has prompted investors on Twitter to criticize Jack for not spending enough time performing his duties as CEO. Reportedly, he is not a frequent visitor to Twitter’s corporate headquarters in San Francisco. This was especially true in 2019 when he set out to visit at least 30 of Twitter’s global offices and spent 10 days at a meditation retreat in Myanmar.
Jack made the following announcement on April 7, 2020 (via Twitter, of course): “I’m transferring $1 billion of Square equity (approximately 28 percent of my net worth) to #startsmall LLC in order to find global COVID-19 relief. After we have neutralized this pandemic, we will shift our attention to girls’ health, education, and UBI [Universal Basic Income]. It will function openly…”
With the announcement, he made an immediate donation of $100,000 to America’s Food Fund.
By December 2020, Start Small had already dispersed $274 million and retained 15,2 million Square shares. Those 15.2 million shares were worth $3.12 billion at the time, so his donation had tripled in value!
Assets
In August of 2018, Jack Dorsey purchased a home in the Hollywood Hills of Los Angeles for $4.22 million. He listed the home for sale in August 2019, and two months later, a buyer who paid $4.6 million purchased it.
Since 2012, his primary residence has been a mansion in San Francisco that he purchased for $10 million. In 2017, he paid $22 million for the neighboring residence. The sellers purchased this residence in 1997 for $2.85 million. Every day in San Francisco, Dorsey is known to walk approximately 5 miles to work.
Interesting Facts About Jack Dorsey
- Jack hacked the website of New York City’s largest taxi dispatch company when he was 17 years old. He emailed the dispatch company’s CEO and offered to assist in fixing the vulnerability. He accepted a job offer, moved to New York City, and enrolled at NYU.
- As the dotcom craze swept the nation in the 1990s, Jack followed his boss from the dispatch company to San Francisco, where they launched a short-lived web business. Next, Jack obtained employment with Odeo, a podcasting company founded by Evan Williams, who had previously founded Blogger and would go on to found Medium.
- In 2006, Dorsey, Evan Williams, Biz Stone, and Noah Glass participated in what was later described as a “daylong brainstorming session” to generate ideas for new Odeo product features. Dorsey tested a microblogging/messaging concept on Blackberry smartphones while he was a student at NYU. The group agreed with the concept and formed a small committee to work on “project twttr.” As you may be aware, this eventually evolved into Twitter.
- Instead of integrating Twitter into Odeo, Evan made the somewhat controversial decision to return several million dollars to his Odeo investors and launch Twitter as a separate company. Some of those investors in Odeo would later bemoan their exclusion from Twitter’s success.
Quick Facts
| Net Worth: | $7 Billion |
| Date of Birth: | Nov 19, 1976 (45 years old) |
| Gender: | Male |
| Height: | 5 ft 10 in (1.8 m) |
| Profession: | Software Architect, Businessperson, Entrepreneur |
| Nationality: | United States of America |
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