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October 23, 2015

Twitter boss pledges own stock to boost employee morale

News: Twitter CEO's trickle down.

By CBR Staff Writer

Twitter’s newly appointed CEO Jack Dorsey has announced that he will offer one third of the stock he owns in the company to employees in a bid to boost their morale.

In the Twitter staff meeting, Dorsey announced that he will donate the stock which is worth about $200m to the employee equity pool.

Dorsey said in a tweet: "I’d rather have a smaller part of something big than a bigger part of something small. I’m confident we can make Twitter big!"

Dorsey still owns 2% stake in the company and the share he offered to the employee equity pool is about 1% of the company.

Dorsey was appointed as the permanent CEO of the microblogging site earlier this month, who was acting as interim CEO, following the stepping down of Dick Costolo on 1st July.

Following his appointment, he announced to cut down 336 jobs about 8% of its workforce, in order to drive efficiency.

The San Francisco-based company has 4,100 staff.

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Dorsey is currently also the chief executive of mobile payment company Square which he co-founded.

Earlier this month, he had said in a regulatory filing that he will donate 40 million shares of Square to charity called Start Small Foundation.

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