The CEO of Twitter has made his employees pretty happy today, with the news that he is going to give no less than a third of his shares in the social network to staff members.
Jack Dorsey owns around 3 per cent of Twitter, or rather he did, as he will be giving 1 per cent to the people who run the tweeting service.
Dorsey tweeted: “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.”
He then swiftly added: “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!”
As the Scotsman reports, that's around $200 million (about £130 million) which will apparently be distributed according to how well employees have performed.
To give you some idea of the sum involved, given that Twitter has 4,100 staff globally, if you divide that money up by that number, each person is getting close to £32,000. That’s not a bad early Christmas bonus by anyone’s standards.
Of course, the social network needs something of a morale boost given its recent poor form, failure to grow the user base, and layoffs – but the move by Dorsey is certainly a bold and gutsy statement.
As we discovered recently, there’s another big tech personality from outside the company with faith that Twitter will be on the up-and-up, namely Steve Ballmer, who now holds a 4 per cent stake in the social network. Only co-founder Evan Williams and Prince Alwaleed bin Talal, the Saudi business magnate, hold more shares than the ex-Microsoft CEO.