Jack Dorsey has most of his personal fortune tied up in Block.
Jack Dorsey: The latest report alleges that it found that Block's Cash App was likely facilitating fraudsters taking advantage of government stimulus programmes during the COVID-19 pandemic.
Here are 5 points on Jack Dorsey:
- Jack Dorsey was born on November 19, 1976, in Missouri. According to Britannica, he attended New York University before moving to San Francisco in 1999, where he set up a company that used the Internet to handle the dispatching of couriers and emergency vehicles as well as taxis.
- Mr Dorsey co-founded Twitter in 2006 with Evan Williams, Biz Stone and Noah Glass, and was CEO until 2008. He returned in 2015 and was the CEO of the micro-blogging website till November 2021. Mr Dorsey resigned as Twitter chief, saying, in part, that being a "founder-led" company was "severely limiting and a single point of failure." He stepped down from the board in May 2022.
- In 2009, Mr Dorsey also co-founded Block (formerly known as Square) with Jim Mckelvey and then took it public in 2015. The tech company operates financial transactions, ranging from payments to merchants to payments between individuals. The company also offers point-of-sales systems and an app that allows people to trade cryptocurrency.
- Mr Dorsey has most of his personal fortune tied up in Block. As per the Bloomberg wealth index, it is estimated that Mr Dorsey's stake in the firm is worth $3 billion, while his position in Twitter is valued at $388 million.
- According to Forbes, before gravitating to tech, Mr Dorsey was also a certified masseur and dabbled in fashion design. In 2016, he gave nearly one-third of his Twitter shares to employees. In 2020, he even promised to give away $1 billion - then 28% of his net worth - to Covid relief and other causes, via gifts of his Block stock.
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