Jack Dorsey, the CEO of Twitter (NYSE: TWTR) said that he is giving one third of its stock in the company to their employee equity pool to reinvest directly in people.
This is the announcement tweet:
🐥⚡️ 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.
— Jack (@jack) October 23, 2015
Dorsey is giving excactly 1% of the company, which should amount to approx. to $200m. This follows the recent lay off announced the recent lay-off, involving 336 people, approximately the 8% of the entire workforce. In an additional tweet, Dorsey motivated the action as a step to drive growth and make Twitter bigger. He explained he prefers owning less stock in a larger company than a owning a bigger slice of a small pie.
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! ✌️ — Jack (@jack) October 23, 2015