- Twitter CEO Jack Dorsey earned just $US1.40 in 2018 to run the social network, according to a company filing published late on Monday.
- That represented a pay raise, as Dorsey had declined any compensation or benefits for three years.
- Dorsey again declined equity compensation in 2018. The company described this as “a testament to his commitment to and belief in” Twitter as a product.
- Dorsey isn’t poor, since he holds half a billion dollars’ worth of Twitter stock and has sold shares in his other company, Square.
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Jack Dorsey earns next to nothing for his main job.
The Twitter CEO took home just $US1.40 as his salary in 2018 to run the social network, according to a company filing published late on Monday. He declined all other compensation and benefits for the year.
The paltry salary is in keeping with previous years, when Dorsey declined to take any payment at all. The $US1.40 figure may be symbolic too, given Twitter’s origin as a service for posting updates of 140 characters, now extended to 280 characters.
The filing says: “As a testament to his commitment to and belief in Twitter’s long-term value creation potential, our CEO, Jack Dorsey, declined all compensation and benefits for 2015, 2016 and 2017, and in 2018 he declined all compensation and benefits other than a salary of $US1.40.”
This doesn’t mean Dorsey is poor, however.
According to a 2017 filing, he holds more than 16 million Twitter shares, worth $US557 million at Tuesday’s share price. He also earns money from his second job as CEO of the payments firm Square. Through 2018, he offloaded Square stock worth a total of $US80 million, Forbes reported, citing regulatory filings.
He isn’t the only Silicon Valley heavyweight to decline a salary.
Facebook CEO Mark Zuckerberg takes an annual salary of $US1, while Tesla CEO Elon Musk has said he won’t accept a paycheck until his firm hits a $US100 billion market cap. Snap CEO Evan Spiegel also earns $US1, though he takes stock compensation and other benefits.
The idea behind the low salaries is to show that these CEOs, all of whom are major shareholders in their firm, have faith in their company.
Ev Williams, Twitter’s cofounder and another major shareholder, took $US275,000 as his fee in 2018 and sold off Twitter stock through the year, according to the filing. Twitter said in February that Williams was stepping off the board.
Another board member, the British entrepreneur Martha Lane Fox, took home $US70,000 in fees and stock awards worth $US225,000. Patrick Pichette, the former Google chief financial officer, earned $US80,000 in fees and $US225,000 in stock awards.
Here’s how the rest of Twitter’s board was compensated:
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