Twitter CEO Jack Dorsey Received $1.40 as Salary in 2018

Jack Dorsey the Chief Executive of Twitter has received only $1.40 as his salary in the year 2018, which means he has received one cent for each of the 140 characters, that the Twitter users were earlier allowed to use, later increased to 280 characters. Though it is not recorded yet whether Dorsey’s salary was made double or not.

The salary of Jack Dorsey was revealed this week during a company filing with the US Securities and Exchange Commission, which also revealed that he has declined almost all the compensation and benefits since he returned to Twitter as its CEO in 2015 after leaving the position in 2008, two years after the company was launched.

Twitter co-founder has declared that he will not receive any salary from Twitter as its CEO, according to the filing, “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 $1.40”.

Though the billionaire CEO has shares whose value went up to 20 percent since the beginning of his second inning in Twitter from 2015. Dorsey’s share in Twitter is reportedly worth around $600 million, though in 2018 he left his shares in the social media company untouched.

In December last year, Forbes in an article reported, by the end of 2018, Jack Dorsey sold 1.7 million of his shares in Square, the payments company that he also leads, which gave him almost $80 million. The article also mentioned that Dorsey’s net worth at that time stood at around $4.7 billion, with his 61 million shares in Square accounting for $3.9 billion of that figure.

Declining a fat monthly salary is largely a symbolic gesture, which provides Dorsey with the scope to communicate with his team his belief in the potential of the business clearly, as the value of the shares that he takes is linked to how the company is doing.

Jack Dorsey is not the only CEO who takes home a symbolic pay, other Silicon Valley tech bosses are also famous for doing the same. As for example, Facebook CEO Mark Zuckerberg’s base salary has remained unchanged at $1 for many years. Google’s Larry Page and Sergey Brin, takes $1 paycheck every year, with compensation linked only on the basis of performance of the company.