Jack Patrick Dorsey is an American Internet entrepreneur, programmer, and philanthropist who is the co-founder and former CEO of Twitter, as well as the founder and principal executive officer of Block, Inc., a financial payments company.
Who is Jack Dorsey? Early Life
Dorsey was born on November 9, 1976, in St. Louis, Missouri, to middle-class parents. He was reared as a Catholic and spent the majority of his youth in a Catholic school.
He was fascinated by dispatch routing, a technique for coordinating the flow of products and services, from an early age.
The technological difficulty of having fleets of cars in constant, real-time communication with one another piqued his interest.
He started writing dispatch software at the age of 15 and sold it to taxicab firms to assist them to solve their problems.
After high school, he went on to Missouri University of Technology and Technology to study computer science for two years before moving to New York University to finish his degree.
However, he never completed his degree and dropped out in his last semester to focus on growing his dispatch software company full-time.
What is Jack Dorsey Net Worth in 2022?
Jack Dorsey is a $7 billionaire web developer and entrepreneur from the United States. Though he is best known as the co-founder and co-creator of Twitter, the majority of Jack Dorsey’s personal worth comes from his investment in Square, a mobile payments startup.
In April 2022, when Elon Musk agreed to buy Twitter, Jack Dorsey had around 18 million shares or about 2% of the company’s total outstanding shares. Jack’s 18 million shares were worth roughly $974 million at the $54.20 acquisition price per share.
As of this writing, Jack Dorsey holds around 43 million shares in Block Inc., which was renamed Square. Those shares are currently valued at roughly $4.5 billion as of this writing. He also has roughly $1 billion in cash and other assets under his control.
Jack has made a charitable donation of almost $1 billion. In April 2020, he used Square stock to fund his pledge.
Jack Dorsey’s work at Twitter
The tenure of former Twitter CEO Jack Dorsey has come to an end. Dorsey resigned from Twitter’s board of directors on Wednesday, taking effect at the company’s annual shareholder’s meeting.
Dorsey had already begun to remove himself from the social media site he co-founded, stepping down as Twitter’s CEO late last year to concentrate on Block, formerly known as Square.
Dorsey’s departure from the board has been planned since he stepped down as CEO. Dorsey will remain on the board “until his tenure expires at the 2022 meeting of stockholders,” according to the business at the time.
Dorsey’s departure from the board of directors symbolizes the end of an era for the company, as he has been connected with it in an official role since its inception.
Despite the fact that Elon Musk, the entrepreneur behind SpaceX and Tesla, is still planning to buy Twitter, the world’s most popular real-time social network is on the verge of a major transformation.
While this shift isn’t surprising, Twitter is entering an unknown phase without the at times mysterious leader who led the firm as CEO for two periods, molded its policies during the Trump administration’s political turbulence, and finally signed off on Musk’s plan to take the company private.
Twitter’s board of directors voted to fire board member and Musk friend Egon Durban, CEO of private equity company Silver Lake, at a shareholder meeting on Wednesday, the latest twist in a corporate takeover that’s been as tumultuous and unpredictable as the guy who started it all.
Jack Dorsey’s work at Square
Jack Dorsey and Jim McKelvey’s start-up Square has grown into a $54 billion financial powerhouse. The company was founded in 2009 as a way for artists and vendors to accept credit cards.
Today it operates an FDIC-insured bank, consumer payments platform, stock and cryptocurrency trading, and physical debit cards.
It also bought Jay-Z’s music streaming service Tidal and buy-now-pay-later provider Afterpay.
Square co-founder Jack Dorsey says the company’s early experiments with the Cash App, which enabled online stores to accept cryptocurrency, were hard to sell at the start.
The Cash App now makes up roughly half of revenue for the company and was one of the biggest drivers of growth during the digital banking pandemic.
The rebrand is a nod to the company’s growing presence in the space and follows Dorsey’s departure from Twitter last year. Block was one of the biggest winners of the pandemic era, but shares are down 45% this year.