Square CEO Jack Dorsey has made nearly $1 billion today
Okay, that headline may be a bit misleading. Jack Dorsey, CEO of both Square and Twitter, hasn’t technically made any money today. Not even from salary, really, since his Square only pays him $6,000 per year and he doesn’t take a dime from Twitter for his services. On paper, however, Dorsey is having a very lucrative 39th birthday.
Square (SQ) went public last night at $9 per share, and has seen its stock price rise around 50% in early trading. Dorsey currently holds more than 71 million shares of Square stock – none of which he sold via IPO – which are valued at nearly $950 million as of this writing.
Moreover, Dorsey holds nearly 22 million Twitter (TWTR) shares, which have appreciated by around $11 million as of this writing. Again, on paper.
So happy birthday Jack. Perhaps you can buy everyone presents.