This is truly unbelievable. At a time when CEOs are renowned for being bloody thirsty, gluttonous, heathen, new Twitter CEO, Jack Dorsey, announced today that he is giving away $200 million in his Twitter stock to employees.
Twitter confirms specifics of CEO Jack Dorsey’s transfer of 1/3 of his holdings to an employee equity pool
On October 22, 2015, Twitter and the Jack Dorsey Revocable Trust, for which Jack Dorsey serves as trustee, entered into a Contribution Agreement. Pursuant to the Agreement, the Jack Dorsey Trust will give back and contribute to Twitter, without any cost or charge, an aggregate of 6,814,085 shares of Twitter’s common stock. Mr. Dorsey and Twitter have made the Share Contribution subject to, and effective as of the date of, Twitter’s stockholders approving an equity incentive plan that allows for a number of shares equal to the Share Contribution to be granted over time to Twitter’s employees and other service providers. In connection with the Share Contribution, the Board has approved Twitter’s 2016 Equity Incentive Plan to provide for the granting of stock options, restricted stock, restricted stock units and other equity awards to eligible employees, directors and consultants from time to time, and has approved an aggregate of 6,814,085 shares of Twitter’s common stock to be reserved for issuance under the 2016 Plan.
This is one of those moments when you know, as a shareholder, that the right guy is running your company. He doesn’t give a shit about the money. He is trying to motivate his team to excel, knowing that when he does, the gains on the remaining two thirds of the stock he still owns will be worth far more than the entire position is now.
I am proud to be long TWTR this morning and feel really good about its new CEO, much better than that other @dick who was running it before.
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Lamest gap up ever?
I second le Fly’s thoughts on the Dorsey/TWTR
bravo
Actually agree, though him being 2 CEOs still bothers me.
I’m with you here.
Certainly the thoughts he wants you to think, though I wouldn’t say I disagree – but wouldn’t it be the guy doesn’t care about money because he’s already a BILLIONAIRE?
$200mm to a multi-billionaire you could say is the equivalent of $1,000 to someone worth $10,000. yea, it’s 10%, but with economy of scale, it’s not that much.
It’s really incredible how much just one billion is. if you lost one million dollars, half the average income over someone’s lifetime – you’d still have NINE HUNDRED AND NINETY NINE of them.
I see your point. Still, a lot of billionaires care about nothing but money– not because that makes any sense, but just out of habit.
That’s something that all of us have in common– rich, middle class or poor. We all do a lot of stuff out of habit. When someone can recognize that some action makes sense, even though it’s outside of their usual habits– that’s when humans get somewhere creative & new.
Most ultra wealthy guys grasp their money tighter then average joe. I would say the opposite of your analysis…”mentally” giving away money is much more difficult for rich people then poor people. How many luxury car drivers do you see handing a couple bucks to the homeless guy on the freeway exit?
Can you imagine being the unlucky pleb that was fired….and then find out you are additionally missing out on this?
This stock buyback bullshit is wearing thin
Word.
To mangle frog’s point, this is not getting us anywhere creative or new, unless it’s about redistribution of monopoly rents…not that I’m a Marxist. But we have seen where it goes to the extreme: some people give, and then more people take.
There is a book Tipping Point that talks about various behaviors building up to a tipping point where they become popular. We have to hope that the idea of contributing constructively to your employees, your society etc. builds up one day to a tipping point– so that one day this idea may be more popular than the idea of unbridled greed.
I know we have a long way to go. Sometimes the process is slow & long, but you still get there eventually– e.g. like the anti-war movement against the War in Vietnam. Started slow but eventually we the U.S. did get out of there.
Same thing can happen with economic trends, social trends etc.
Personally I think the problem is the nature of man is messed up.
https://www.youtube.com/watch?v=ZG9CsHxZ_ns
sold TWTR for a third time ( wins ) sold three others ( wins ) bought two, flipped one.
fading this mess. 80% cash.