Jack Dorsey is a $12 billion businessman and web developer from the United States. Though he is best known as the co-founder and co-creator of Twitter, Jack Dorsey’s net worth is largely derived from his ownership of Square, a mobile payments startup. As of this writing, Jack Dorsey holds about 2% of Twitter’s stock. That 2% stake is only worth $800 million at the time of writing. He holds roughly 43 million shares in Square as of this writing. Those shares are valued at roughly $9 billion as of this writing. He also has almost $1 billion in cash and other assets under his control.
Jack has made a charitable donation of more than $1 billion. In April 2020, he paid for his pledge with Square stock.
Dorsey is the son of Tim and Marcia (née Smith) Dorsey and was born and reared in St. Louis, Missouri. On his mother’s side, he is of part Italian ancestry, while on his father’s side, he is of part Irish ancestry. [needs citation] His father worked for a mass spectrometer manufacturer, while his mother was a stay-at-home mom. His uncle is a Catholic priest in Cincinnati, and he was reared as a Catholic. He was a graduate of Bishop DuBourg High School.
Dorsey used to work as a model in his earlier years. Dorsey had developed an interest in dispatch routing by the age of fourteen. Taxicab firms still utilize some of the open-source software they produced in the field of dispatch logistics. Dorsey enrolled at the University of Missouri–Rolla in 1995 and remained there for two years before transferring to New York University in 1997, where he dropped out two years later, one semester short of graduating. While at NYU, he came up with the concept that became Twitter.
Dorsey traveled to California while working as a programmer on dispatching. Dorsey founded his company in Oakland in 2000 with the goal of dispatching couriers, cabs, and emergency services via the Internet. Other projects and ideas he had at the time included medical device networks and a “frictionless service market.” He got the idea for a Web-based real-time status/short message communication service in July 2000, based on dispatching and influenced in part by LiveJournal and AOL Instant Messenger.
Dorsey questioned when he first viewed instant messaging implementations if the software’s user status output might be simply shared among friends. He approached Odeo, who was interested in text messaging at the time. Dorsey and Biz Stone determined that SMS text was the best fit for the status-messaging concept, and they constructed a Twitter prototype in about two weeks. The concept drew a large number of customers to Odeo, as well as funding from Evan Williams, a co-founder of the company in 2005 who had left Google after selling Pyra Labs and Blogger.
How did Jack Dorsey build his net worth?
Jack began his career as an internet security expert for one of New York City’s largest taxi businesses. He planned to leave the company to start his own tech company with his boss. However, things didn’t go as planned, and Jack accepted a second job with Odeo, a podcasting firm.
During a brainstorming session at Odeo, Jack pitched his Twitter idea to the company. The corporation agreed to call it “project twttr” when it first launched. The firm’s CEO chose to start Twitter as a separate company from Odeo.
Many Odeo investors felt the founders cheated them out of their fair share of Twitter as a result of the plan. Jack’s multiple tech enterprises went on to win several innovation prizes.
He was designated one of the top innovators under 35 by the MIT Technology Review TR35 in 2008, and The Wall Street Journal named him “Innovator of the Year” in 2021. Dorsey is a member of the Walt Disney Company’s board of directors.
In 2021, Jack stepped down as Twitter’s CEO. He transferred the reins to the company’s new CEO, Parag Agrawal.
Real Estate Investments:
In August 2018, Jack spent $4.22 million on a property in Los Angeles’ Hollywood Hills. He offered the home for sale in August 2019 and received a $4.6 million offer two months later.
Since 2012, he has lived in a huge property in San Francisco that he bought for $10 million. He bought the house next door for $22 million in 2017. The sellers paid $2.85 million for the home in 1997. Dorsey is reported to walk 5 kilometers to work every day in San Francisco.