As founder and CEO of two major companies, you would expect Jack Dorsey to have amassed a large fortune. Yet, with Twitter and Square Inc. struggling on the stock exchange, the Jack Dorsey net worth is decreasing.
Twitter is one of the biggest social media sites around. In fact, Twitter and Facebook have developed into the ‘big two’ since they launched in the mid-2000s. Yet, the vast fortune earned by Facebook’s Mark Zuckerberg dwarfs Jack Dorsey’s worth.
While Zuckerberg has seen his creation become one of the world’s leading companies, Dorsey has struggled to capitalise on Twitter’s popularity.
Jack Dorsey net worth: How did the Twitter founder make his fortune?
Dorsey’s interest in programming blossomed at the age of 14, with the creation of a system that tracked and displayed taxis, delivery vans and ambulances in the city of St. Louis, Missouri. Many companies still use the software to this day. Although, his next project was his biggest success.
Dorsey turned to Odeo founders Noah Glass and Evan Williams to help with his next venture. The up-and-coming entrepreneur had an idea for a status sharing service that allowed friends to provide each other with constant updates. The Twitter (or Twttr, as it was originally known) concept came about during a brainstorming session between them. Odeo agreed to bankroll the platform throughout the early stages of its development.
Twitter was a huge success. Regardless, Dorsey eventually lost his place as the company’s CEO in 2008. Reports suggested that he was more interested in pursuing other hobbies, rather than helping Twitter to grow. However, he showed little reluctance to return to the position in 2015.
Aside from Twitter, Dorsey has also had success with his latest project, ‘Square’. Square is a mobile payment company. It allows users to make and receive payments via a small device that connects to smartphones. Since listing on the New York Stock Exchange, Square has grown into a multi-billion dollar company.
Yet, despite his hard work, both of Dorsey’s companies fail to turn a profit. Twitter has generated losses of more than $2 billion since it launched in 2006, while Square has lost more than $500 million so far.
As a result, Dorsey has yet to see much return. While his two creations are worth more than $20 billion combined, the Jack Dorsey net worth stands at $1.66 billion.