Jack Patrick Dorsey, born November 19, 1976, is an American Internet entrepreneur, programmer, and philanthropist. He is the co-founder and former CEO of Twitter, Inc., as well as the founder and CEO of Block, Inc., a financial payments firm.
Early Years of Jack Dorsey
Jack Dorsey was born in St. Louis, Missouri on November 19, 1976. He developed an early interest in computers and communications and began programming while still a student at Bishop DuBourg High School in St. Louis.
He was captivated by the technological challenge of coordinating taxi drivers, delivery vans, and other fleets of vehicles that needed to communicate in real-time. Dorsey built dispatch software when he was 15 years old, which is still used by some taxicab firms today.
Jack hacked the website of New York City’s major cab dispatch firm when he was 17 years old. As a good hacker, he emailed the dispatch company’s CEO and volunteered to assist in repairing the issue. He was offered a job and traveled to New York City, where he enrolled at NYU.
As the dotcom fever swept the country in the 1990s, Jack accompanied his boss from the dispatch company to San Francisco, where they started a web business that rapidly dissolved. Next, Jack landed a job at Odeo, a podcasting company founded by Evan Williams, who had previously founded Blogger and would later found Medium.
Dorsey, Evan Williams, Biz Stone, and Noah Glass held a “daylong brainstorming session” in 2006 to come up with new product features for Odeo. Dorsey attempted a microblogging/messaging idea using Blackberry phones while at NYU, which was one of the ideas that came out of that session.
The group loved the concept and organized a small committee to work on “project twttr.” As you may be aware, this eventually evolved into Twitter.
Rather than incorporating Twitter into Odeo, Evan made the somewhat controversial decision to return several million dollars to his Odeo investors and launch Twitter as a separate new company. Some Odeo investors would later claim that they were excluded from Twitter’s success.
When Twitter was started, several detractors mocked it as a tool for the shallow and self-centered to broadcast the minutiae of their life to the cosmos. The site has experienced regular service failures in its early days. However, as celebrities and CEOs began ‘tweeting,’ Twitter was no longer the target of so many jokes.
Twitter, suddenly at the forefront of the “microblogging” phenomenon, became a significant venue for U.S. Presidential candidates Barack Obama and John McCain to update their fans while on the campaign road.
Dorsey went on to invest in the social networking business Foursquare and start a new venture, Square, which allows anyone to accept credit card payments via a tiny device linked to their mobile phone or computer.
In 2008, he was designated one of the top 35 innovators under the age of 35 by the MIT Technology Review TR35. The Wall Street Journal named Jack “Innovator of the Year” in 2012. Dorsey was appointed to The Walt Disney Company’s board of directors on December 24, 2013.
What is the Net Worth and Salary of Jack Dorsey?
As per Celebritynetworth American web developer and businessman Jack Dorsey has a net worth of $7 billion. Despite the fact that he is best known as the co-founder and co-creator of Twitter, the majority of Jack Dorsey’s net worth comes from his ownership of the mobile payments business Square.
In 2009, Jack co-founded Square, his second business. After a friend (who later became his co-founder) complained that he could not sell glass faucets and fittings because he did not accept credit cards, Jack had the idea.
Square is a mobile payment/financial services company. If you’ve ever purchased goods at a farmer’s market or food truck, the merchant undoubtedly swiped your credit card using a small, square card reader that was plugged into an iPad or iPhone.
In November 2015, Square went public, almost precisely two years after Twitter. On its first day of trading, Square had a market capitalization of $3 billion. The company’s latest private fundraising round valued the business at $6 billion, so this was a significant letdown.
The market capitalization of Square surpassed $100 billion for the first time in February 2021. Jack’s net wealth was $16 billion at the time, with approximately $15 billion coming from Square.
Charity and Other Contributions by Jack Dorsey
In March 2016, Dorsey fully sponsored around 600 DonorsChoose-registered public school projects in Missouri. In October 2019, Dorsey contributed $350,000 to #TeamTrees, a non-profit organization founded by YouTuber MrBeast that has vowed to plant 20 million trees by the end of 2019.
On April 7, 2020, Dorsey revealed that he will transfer around $1 billion of his Square, Inc. shares, or just under a third of his total wealth, to Start Small, LLC and coronavirus alleviation projects.
He pledged to fund COVID-19 relief, the health and education of girls, and a national basic income. Dorsey has provided $24 million to over 40 recipients for disaster relief. Dorsey contributed $10 million to Ibram X. Kendi’s Center for Antiracist Research at Boston University in August 2020.
In May 2021, he gave $15 million to fund relief efforts for the second wave of COVID-19 in India. Care ($10 million), Aid India ($2.5 million), and Sewa International ($2.5 million) were the three NGOs receiving funding.
In August of 2018, Jack Dorsey purchased a property in the Hollywood Hills in Los Angeles for $4.22 million. He offered the home for sale in August 2019, and two months later, a bidder who paid $4.6 million purchased it.
Since 2012, his principal house has been a mansion in San Francisco that he purchased for $10 million. In 2017, he paid $22 million for the neighboring residence. The sellers purchased this residence in 1997 for $2.85 million. Every day in San Francisco, Dorsey is reported to walk approximately 5 kilometers to work.