Jack Dorsey began his career as a programmer. In the year 2000, he relocated to Oakland, California in quest of better job opportunities. Using his dispatch software, he founded a company to dispatch cabs, couriers, and emergency services.
During this period, he became more serious about his idea for a real-time short message communication service that would keep his pals up to date on his whereabouts.
His company failed in the meantime, and he struggled for the next few years. He supported himself by freelancing.
He even went to massage treatment school. He never gave up, though, on his aim of building the short messaging service he had imagined.
He reached out to ‘Odeo,’ a directory and search destination website that was looking for text messaging services. He drew the notice of ‘Odeo’ co-founder Evan Williams and Biz Stone, one of the company’s executives.
How Much Did Jack Dorsey Make From Twitter Sale?
Folks around the world are highly triggered to know the profit Jack Dorsey made after he sold Twitter to South Africa billionaire Elon Musk.
Well, here is a breakdown for you!
With this large all-cash private acquisition, one might expect that Jack Dorsey’s net worth is poised to skyrocket. Some speculate that Dorsey’s net worth may plummet as a result of the Twitter takeover.
Because, despite being the company’s co-founder, past CEO, and long-time public face, Jack doesn’t actually own much of the company.
According to Twitter’s most recent SEC filings, Jack Dorsey controlled around 18 million shares in Twitter prior to Elon’s buyout.
In other words, Jack only possessed around 2% of Twitter’s total outstanding shares or 2% of the entire firm.
Jack Dorsey will receive around $975 million in cash from Elon at the $54.20 per share buyout price (technically, from a consortium of banks loaning money to Elon using his Tesla shares as collateral).