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Twitter and Square co-founder Jack Dorsey will be worth more than $1 billion after his latest fundraising round for his mobile payments startup Square closes, Bloomberg reports.Square is about to raise $200 million in a deal that would value the startup at $3.25 billion, according to an earlier report by the New York Times.
Dorsey will own a 26 per cent stake in Square after the new round, valuing his stake at $845 million, Bloomberg reports.
Taking into account the dilution from the new shares issued, that ownership stake is consistent with what we reported earlier this year, when we noted an Alaska state filing that showed Dorsey owning 28.3 per cent of the company after a prior financing round.
Dorsey joins the likes of Mark Zuckerberg and other high-profile Web 2.0 entrepreneurs in being some of the richest founders in the world.