Jack Dorsey: Square CEO and Founder Makes $300 Million on Mobile Payment Company’s Public Debut:
Square’s upsurge Thursday may make its CEO and cofounder, Jack Dorsey, forget about the drubbing of Twitter this year.
Shares of the mobile payment business soared 45 percent within their public introduction, netting Dorsey a paper gain. Dorsey — who now heads both Square and Twitter — saw his net worth top $1.5 billion Thursday in stock value alone.
Square opened at $11.20 per share Thursday after pricing at $9 a share, below the firm’s first anticipated range of $11 to $13 a share. The stock closed the day at $13.07 per share.
Taking away their worth at the $9 per share IPO price, $289 million was made by Dorsey on Thursday.
At Twitter’s closing price of $26.32 per share Thursday day, Dorsey’s position in the social media business was valued at about $575 million. Dorsey’s stock in the two companies amounted to more than $1.5 billion on Thursday.
Dorsey’s pay from the firms adds little to his net worth. Dorsey now makes nothing at Twitter, and chose in a salary of only $3,750 at Square last year.
However, Dorsey doesn’t intend to hold the shares he owns currently all.
It was not clear whether the donated shares were subtracted from the position revealed to the SEC.