Jack Dorsey, CEO of Twitter and Square, on the floor of the New York Stock Exchange during Square's IPO on Thursday, Nov. 19, 2015.
Bloomberg Bloomberg via Getty Images

The amount has symbolic meaning for the payments company.

By Leena Rao
March 10, 2016

Square CEO and founder Jack Dorsey had a lot to be happy about on Wednesday. His payments company’s earnings beat Wall Street estimates and it is projecting profitability—excluding certain costs—by the end of 2016.

But Square’s recent progress has also come with a twist: Dorsey’s salary has dropped to $2.75 from $6,000, according to a filing with the SEC on Thursday.

The new salary—merely enough to by a coffee—is symbolic for Square. The number, 2.75, is also the percentage that Square charges its merchants every time a credit card is swiped through one of Square’s terminals.

Of course, Dorsey doesn’t necessarily need a salary. His stake in Square and Twitter, where he also serves as CEO, is worth over $1 billion. He doesn’t take a salary of consequence at Twitter either.

Square’s shares sq fell 5.8% on Thursday trading to $11.33.

 

 

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