![]() However, the majority of his portfolio is managed by the multi-family office, ICONiQ Capital. Recently, he led the Series C round for a FinTech startup, Movii, where he invested $17 million. He is also an angel investor and has made a total of 26 personal investments (and 6 exits) in early-stage startups. The majority of Jack Dorsey’s $6.9 billion net worth can be attributed to his approximate 11% stake in the $72.69 billion company. In 2018, the company acquired Weebly, a web hosting and web constructing company and the following year, it sold Caviar (a food delivery service it had acquired in 2014) to DoorDash for over $410 million. In 2017, Square began offering Bitcoin trading to certain users which resulted in a surge in its share values. Over the next few years, Square received a total of 7 rounds of funding until its IPO in November 2015. By September 2012, the company was valued at over $3.2 billion. It saw tremendous success within a year and was processing millions of dollars worth of transactions every week. Square allowed users to receive credit card payments through a square-shaped card reader that could be plugged into the headphone jack of smartphones.Īfter receiving $10 million in its Series A funding, Square tested its first product in May 2010. The social media platform was sold for $44 billion.Īfter stepping down as Twitter’s CEO in 2008, Dorsey conceived the idea of developing a digital payment interface for smartphones and began working on his new venture “Square, Inc” along with his friend Jim McKelvey out of a small office in St. Twitter was also recently taken over by Elon Musk, who reportedly bought it with Dorsey’s approval. During the 2020 US Presidential Elections, Twitter also took the controversial decision to ban the then US President Donald Trump from using the platform citing the promotion of violence and the spread of misinformation. A study by Nature outlines the effect that fake Twitter news had in the 2016 presidential elections. However, the legacy of Dorsey’s tenure as the founder and CEO of Twitter has been marred by allegations of dissemination of misinformation through the platform for years. At the time of his exit, the company was valued at approximately $50 billion with him retaining $850 million worth of shares. Following its surge in popularity, Dorsey was reinstated as Twitter’s permanent CEO in 2015 and continued to serve in that capacity till November 2021. At that time, Dorsey owned a 4.7% stake in the company.īy 2012, microblogging had essentially become an integral part of social media culture with Twitter counting over 500 million active users, with over 340 million daily tweets and over 1.6 billion daily search queries. It had its IPO on November 7, 2013, but its stocks struggled over the next months. Twitter received a total of $760 million over its 7 per-IPO investment rounds with the company valued at $9.25 billion in 2011. However, Twitter first gained mainstream popularity when the platform was used by Presidential Candidates in the 2008 US Elections to provide regular updates to their supporters. For the next two years, Twitter underwent several managerial changes and began gaining traction in 2008 when many prominent politicians, celebrities, and CEOs started joining the microblogging platform. At the time of its inception, Twitter was not designed as a revenue-generating service and Dorsey focused more on improving its uptime instead. The company was registered on March 21, 2006, with Dorsey as its first CEO. The first Twitter prototype was designed as a website where users can instantly post short messages or “tweets” of 140 characters or less. He pitched this idea to his former Odeo employers and along with Biz Stone, Evan Williams, and Noah Glass started a company called ‘Obvious’ but later changed the name to ‘Twitter’. ![]() While working on dispatching software, Dorsey became fascinated with Instant Messaging(IM) like LiveJournal and AOL Instant Messenger and conceived the idea to develop a real-time, web-based, short messaging website that would use the broad reach of dispatch routing software to implement a seamless IM experience.
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