Jack Patrick Dorsey (born November 19, 1976) is an Internet entrepreneur, programmer, and philanthropist. He is the co-founder and former CEO of Twitter, as well as the founder and CEO of Block, Inc., a financial payments firm.
- In April 2020, he promised to give away $1 billion – then 28% of his net worth – to Covid-19 relief and other causes, via gifts of his Square stock.
- Dorsey co-founded Square with Jim McKelvey in 2009, then took it public in 2015; it was renamed Block in December 2021.
Dorsey, the son of Tim and Marcia (née Smith) Dorsey, was born and reared in St. Louis, Missouri. On his mother’s side, he is of Italian ancestry. His father worked for a mass spectrometer company, while his mother was a stay-at-home mom. His uncle is a Catholic priest in Cincinnati, and he was reared Catholic.
Bishop DuBourg High School was his alma mater. Dorsey used to work as a fashion model when he was younger. Dorsey had developed an interest in dispatch routing by the age of 14. Taxicab firms still utilize some of the open-source software he developed in the field of dispatch logistics.
Dorsey started at the University of Missouri–Rolla in 1995 and stayed for two years before moving to New York University in 1997, where he dropped out two years later, one semester short of graduating. While at NYU, he came up with the concept that would eventually become Twitter. Dorsey relocated to California while working as a programmer on dispatching.
Dorsey founded his company in Oakland in 2000 to use the Internet to send couriers, cabs, and emergency services. At the time, his other projects and ideas included medical device networks and a “frictionless service market.” He conceived the idea for a Web-based real-time status/short message communication service in July 2000, based on dispatching and influenced in part by LiveJournal and AOL Instant Messenger.
Jack Dorsey’s Net Worth
Jack Dorsey’s net worth was $7 billion when he awoke this morning. Elon Musk announced a deal to buy Twitter, which Jack co-founded, for $44 billion a few hours later.
With this large all-cash private acquisition, one might expect that Jack Dorsey’s net worth is poised to skyrocket. But you’d be mistaken.
Jack 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).
When Jack pays 13 percent to the state of California and 20 percent to the IRS, his windfall will be reduced. After taxes, Jack’s net gain on this deal, according to my calculations, will be about…
653 million dollars Obviously, that’s a huge sum of money that would make Jack Dorsey the wealthiest person in almost any room he walks into, but it’s interesting how little of the firm he actually held, despite the fact that his name and face defined it for a decade.
How Did Jack Dorsey Become a Multibillionaire?
Jack Dorsey is a billionaire thanks to the payment processing company Square, which was recently renamed Block, which he co-founded.
As of this writing, Jack Dorsey holds around 43 million Block shares. Today’s closing price for Block was $107. As a result, Jack’s 43 million shares are valued at $4.6 billion.
Jack also has roughly $1 billion in cash and other investments under his control.
Dorsey provided money to Democratic 2020 presidential candidates Tulsi Gabbard and Andrew Yang’s campaigns in 2019.
In 2020, he gave $15 million to 29 mayors in the United States that are exploring the piloting of guaranteed basic income programs.
Until 2021, Dorsey imposed “global leader” exclusions on Twitter, allowing President Donald Trump to post anything that would otherwise be removed or result in punishment under the platform’s rules. Some of Trump’s tweets received warning labels in May 2020, and more flaggings were applied to his tweets after Election Day in November 2020. After pro-Trump supporters stormed the US Capitol on January 6, 2021, Twitter put Trump’s account on hold for 12 hours for breaking its Civic Integrity standard. On January 8, Trump’s account was permanently suspended. On January 14, Dorsey praised Trump’s order, but added that it “sets a terrible precedent.”
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
Recognition and Awards
He was selected to the MIT Technology Review TR35 as one of the world’s top 35 innovators under the age of 35 in 2008.
He was named “Innovator of the Year” for technology by The Wall Street Journal in 2012.
Dorsey was voted Founder of the Year at TechCrunch’s 5th Annual Crunchies Awards in 2012.
Forbes named him the most eligible bachelor in the world in 2013.
Dorsey was named the #4 Worst CEO of 2016 by Fox Business, citing slow growth, declining stock prices, and his part-time devotion to Twitter as reasons.
Dorsey was named one of the Worst CEOs in America by 24/7 Wall St. in 2017.