The former Twitter CEO and the current CEO of Block (previously called Square) is one of the most successful web developers in the world. He’s more famous for co-founding Twitter, but a significant share of his wealth comes from Block, a mobile payments company. If you’re curious about Jack Dorsey’s net worth, we’ve got just the information you’re looking for in this article.
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What is Jack Dorsey’s Net Worth?
Jack Dorsey’s net worth is $4 billion according to Forbes.
|Jack Dorsey’s Net Worth||$4 billion|
|Date of Birth||November 19, 1976|
|Height||5’ 10’’ (1.78m)|
|Place of Birth||St. Louis, Missouri|
Dorsey’s road to becoming a millionaire wasn’t easy. He hasn’t married and likes to dedicate all his time to his businesses.
In fact, Dorsey recently lost $526 million in a single day because of allegations of fraud at his payments company Block.
However, he has overcome these challenges and continues to innovate technological solutions that make everyday life a little easier.
To understand how Jack made billions, let’s look at his journey from a computer-enthusiast child to a tech billionaire.
Who is Jack Dorsey?
Jack Dorsey is the co-founder of Twitter and CEO of Block.
He was born in St. Louis, Missouri on November 19, 1976. Jack was fascinated by computers from an early age. He started coding while he was still completing his schooling at Bishop DuBourg High School.
At age 15, Dorsey coded a dispatch application that helped coordinate taxi drivers and other vehicles by allowing them to establish real-time contact. Some taxi drivers use the application even today.
Jack Dorsey’s Career
Jack was also a great hacker. When he was 17, he hacked into NYC’s largest taxi dispatch company’s website. When Dorsey emailed the company’s CEO about the vulnerability, he was offered a job at the taxi dispatch company.
Dorsey took up the opportunity, moved to NYC, and later enrolled in NYU, though he dropped out two years later — just a semester away from graduating.
Jack’s first business failed rather quickly. During the 90s dotcom boom, Jack and his boss from the dispatch company partnered on a web business. But it didn’t last.
Soon after, Jack landed a job with Odeo, Evan Williams’ podcasting company. For those of you who don’t know Evan — he’s the founder of platforms like Blogger and Medium.
Jack conceptualized Twitter in 2006 with Evan Williams, Biz Stone, and Noah Glass. Twitter was born out of a brainstorming session between these members.
Dorsey had tested the idea of a microblogging platform during his time at NYU. All members liked the idea and started working on “project twttr.”
This marked the beginning of Dorsey’s run to become a billionaire and one of the world’s wealthiest tech entrepreneurs, competing with the likes of Mark Zuckerberg.
What are the Various Business Interests of Jack Dorsey?
Jack Dorsey has invested in multiple businesses. Currently, most of his wealth comes from Block. But he also has interests in various other companies that contribute to his net worth.
Dorsey famously accepted a total of $1.40 in annual salary from Twitter.
However, he earned most of his money from Twitter when Elon Musk bought Twitter. Jack received $978 million cash (at $54.20 per share) from his stake in Twitter.
After Elon Musk completed his $44 billion Twitter acquisition, Jack Dorsey retained a 2.4% stake. This leaves Dorsey with 18 million Twitter shares which continue to add to his net worth.
Payments Company Square (Now Block Inc.)
Jack co-founded Square (now Block), a payments company, in 2009 with his friend Jim McKelvey.
When it went public in 2015 (two years after Twitter went public), it had a $3 billion market cap — half the value at which the company raised capital in the previous private funding round.
Over the next few years, Block’s market cap rose considerably. In February 2021, Block was valued at $100 billion. Jack’s net worth at the time surged to $16 billion, of which $15 billion was from his stake in Block.
Jack has been quite vocal about his love for bitcoin.
Jack’s total Bitcoin holding isn’t public information. But his company Block recently purchased 4.709 Bitcoin for $50 million.
In the past, Jack has partnered with Jay Z to invest 500 BTC in an attempt to make Bitcoin the internet’s currency.
One of the business units at Block, The Block Head (TBH), has developed Web 5.0, a combination of Web 3 and Web 2.0.
What investments has Jack Dorsey made?
In addition to his investments in businesses and Bitcoin, Jack has also invested in real estate. Dorsey bought a home in Hollywood Hills of Los Angeles in August 2018 for $4.22 million. A year later, he sold this home for roughly $4.5 million, netting over $250,000 in the green.
Jack also owns a house in San Francisco that he bought in 2012 for $10 million. He purchased the house right next to his current home for $22 million in 2017.
What philanthropic activities has Jack Dorsey been involved in?
Jack Dorsey announced that he was moving $1 billion worth of Block shares into Start Small, an LLC that Dorsey created for COVID-19 relief, women’s education, health, and UBI (universal basic income).
Dorsey joined Rihanna in donating $15 million towards climate change in January 2022. Dorsey’s Start Small and Rihanna’s CLF have collaborated in the past as well. Collectively, the two organizations have donated about $57 million to causes like rental assistance for low-income families and services for domestic violence survivors and victims.
What are some of the controversies Jack Dorsey has been involved in?
Jack Dorsey has been involved in a few controversies during his career so far.
For example, a photo of Jack holding a poster with the message “smash Brahmanical patriarchy” went viral during his India visit in 2018, leading to a massive controversy.
Jack also sparked a controversy when he tweeted that he doesn’t believe in permanent bans (except in cases of illegal activity). While he didn’t name names, it was speculated that he was referring to the idea of banning the then president Donald J. Trump.
Failed businesses, controversies, and significant monetary losses failed to slow down Jack’s growth. His laser-sharp focus, exceptional skills, and persistence have enabled him to weather difficult times and build a billion-dollar empire.
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