Twitter CEO gives One-Third of his Twitter Stock to Twitter Staff


In June, Twitter’s CEO Dick Costolo stepped down. The board of directors then appointed Jack Dorsey, a Twitter co-founder as CEO and chairman of the board. The board then hit the ground running looking for a new CEO, with a committee formed to identify potential candidates, with both internal and external candidates considered for the role. Jack Dorsey was seen as good choice, but there was a problem as he served as CEO of Square Inc, a payments startup he founded and which, was on track for IPO. The committee had explicitly said that “they will only consider candidates for recommendation to the full Board who are in a position to make a full-time commitment to Twitter“.

Early in the month, the Twitter board appointed Jack Dorsey as CEO and he was to continue his position at Square.  Jack was to however not serve as chairman of the board. Jack promised to bring back efficiency in operations as well as taking Twitter back to its roots.  A few days after he took over the company, @Jack announced restrcuture efforts that saw Twitter cut 336 jobs across the company . The lay-offs were meant to put the company in a strong path of growth and targeted Twitter, Periscope and Vine. This week, Jack announced that Twitter was seeking to re-initiate its relationships with developers and advertisers, which the previous management had severed.  In an interesting move, Jack Dorsey announced that he was giving away 1/3 of his Twitter stock to the employee equity pool as a way of reinvesting directly in its employees. @Jack announced the move on Twitter and went on to say, he would rather own a small part of something large.