Twitter CEO and founder Jack Dorsey was paid a salary of $1.40 in 2018, making it the fourth year in a row he has received a nominal payment from his social media company.
The compensation, shown in a company filing with the U.S. Securities and Exchange Commission, reveals that in 2015, 2016, and 2017, Dorsey “declined” almost all compensation and benefits.
“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,” the filing read. “In 2019, approximately 95% of the total target compensation of our Named Executive Officers (excluding our CEO) is equity based.”
The figure is significant as Twitter users were limited to only 140 characters per tweet before the social media giant bumped the number up to 280 in late 2017.
Dorsey, 42, is estimated to be worth over $5 billion. According to Forbes, most of his wealth is tied up in stocks for both Twitter and Square, a mobile payment company which he also founded. Dorsey often sheds stocks of his companies when he wants to put money in the bank as he foregoes a traditional salary like other top tech executives from Facebook, Google, and Oracle.
A St. Louis native, Dorsey dropped out of college in 1999 and founded Twitter in 2006.
[Opinion: Jack Dorsey wants to fix Twitter, so here are a few common-sense ideas]
