Istanbul, Oct 23 () - Jack Dorsey, founder and the CEO of giant social media platform Twitter, is set to give about a third of his Twitter shares — or 1 percent of the company — back to Twitter’s employees, he announced through his official account. (@jack)
“I'm giving 1/3rd of my Twitter stock (exactly 1% of the company) to our employee equity pool to reinvest directly in our people. As for me: I'd rather have a smaller part of something big than a bigger part of something small. I'm confident we can make Twitter big!” he twitted on Oct. 23.
Twitter’s market value sees around 20 billion dollars, thus the 1 percent of the share will reach 200 million dollars, given to employees.
The move was considered an attempt to improve moral at Twitter, as the company has been going through a major transition with layoffs of 8 percent of the labor force, 336 people, which was announced two weeks ago by Twitter.