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Jack Dorsey’s Salary At Square Is Now $2.75

March 10, 2016, 10:44 PM UTC
Square Inc. Begins Trading On The NYSE Following IPO
Jack Dorsey, chief executive officer of Square Inc., listens during an interview on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Thursday, Nov. 19, 2015. Square Inc. jumped more than 60 percent after the mobile payments company priced its initial public offering low enough to entice skeptics as well as bulls who are confident in its growth prospects. Photographer: Yana Paskova/Bloomberg via Getty Images
Bloomberg Bloomberg via Getty Images

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.