Short-Lived Woe for the Underpaid – Jack Dorsey’s Twitter CEO makes $1.40 at Company, but not too bad Considering he buys Bitcoin Weekly
Jack Dorsey – TL;DR Version
- Jack Dorsey Paid a salary of $1.40 (Not millions) for service as CEO
- A consolation prize of an extensive Bitcoin stash which he continually invests in
- Dorsey has been very bullish on Bitcoin and Blockchain technology
If you’re one of those that is feeling a measure of sympathy for the CEO of Twitter, Jack Dorsey, on account of his annual salary being $1.40 for all it entails. First of all: why? Second of all, any sympathy ought to be fleeting, thanks to his own Bitcoin stash, which is likely making the microscopic salary something that he can adjust to.
The Worst Salary in the World – $1.40 as Twitter CEO
I’m not sure there is a worse salary to be given for a job that requires so much of an individual. Reported by the Washington Post, according to a financial filing which was published by the regulatory body, the Securities and Exchange Commission on Monday April 8th, 2019 – Twitter CEO, Jack Dorsey makes an annual salary of $1.40 over the course of the 2018 fiscal year.
It is determined by the amount that this is likely a comical reference to the designated character limit for posts on the social networking platform. And considering that the same has been reported in the past, Dorsey has a good sense of humour about it.
This is considering the fact that during the 2017 fiscal year, Dorsey’s other company – Square – allegedly furnished the dual CEO with a salary of $2.75 over the course of the year. This number is a reference to the processing fee attached to transactions made through square’s payment hardware.
While we may think of this as being some kind of mathematically confusing salary range to take on for someone in two high-powered offices, it’s actually a common phenomenon for billionaires in the tech world to pass of any kind of large annual salary, due in large part to the fact that they own an enormous volume of equity within their company/ies already.
Whether or not they bring home a high powered salary, these billionaires would be able to accrue large compensations thanks to the strong performance of their companies.
Going further into the documentation from Twitter, when Dorsey was re-appointed as the CEO, he went on to decline compensation back in 2015. While this seems like a crazy thing for an incoming CEO to do, Dorsey currently holds 2.3 percent of the overall stock in the company, and is currently worth a total of $4.7 billion as of writing.
Dorsey’s Silver Lining – Bitcoin Hoard
When it comes to the prospect of a take-home salary, it’s the lifeblood of any working individual, couple or family. But for CEO’s of major companies like Dorsey, these become negligible, instead the sheer massive stake that he currently holds in Bitcoin makes the need for a salary all the more dubious.
According to previous reports, Jack Dorsey has taken to continually purchasing up to $10,000 worth of Bitcoin on a weekly basis, ever adding to his growing stake in the digital asset.
While we know that this is a hoard that is steadily increasing, there is no concrete figure for how much the Twitter CEO actually owns. But with the value of BTC steadily rising, up by 40 percent compared to the beginning of the year, we can at least conclude that it’s enough to be comfortable.
A great deal of this growth from Bitcoin, and cryptocurrencies as a whole can be directly attributed to its performance over the course of April 2019 so far. Effectively, we can easily say that Dorsey, and his stash collectively are doing well enough to forgo salaries.
Dorsey’s Bullish Approach Towards Bitcoin
While CEO’s have moved from highly hostile approach to Bitcoin to one that is reserved, Dorsey has been pretty bullish on BTC. Having attended an episode of the Joe Rogan Experience earlier in 2019, the CEO went to re-affirm his own positivity towards the crypto, going as far as to proclaim that it has the potential to be the native currency of the new internet.
While the CEO has been a pretty big Bitcoin booster, chairing both Twitter and Square, Dorsey has been hard at work in supporting it from the technology front. Over the course of March, he went on to showcase his own Casa Bitcoin node after he announced the rapid integration of the Lightning Network through the Square Cash App.
Along with being the type to walk the walk of Bitcoin integration, Dorsey intends to contribute to the implementation of the crypto ecosystem, stating that they are on the look-out for new developers in order to work on open source crypto technology initiatives.
Along with this news, the CEO went on to state that he will be paying people out of his own pocket for those interested in developing projects with Bitcoin.