Twitter CEO Jack Dorsey takes zero salary in 2017

Apr 12, 2018, 19:06 IST | mid-day online desk

Dorsey, however, has shares whose value went up 20 percent since the beginning of 2018

Twitter CEO Jack Dorsey takes zero salary in 2017

Twitter CEO and co-founder Jack Dorsey did not take a single penny in 2017 for running the micro-blogging platform. Dorsey declined for the third straight year any salary. He, however, has shares whose value went up 20 percent since the beginning of 2018. Dorsey, who is also the CEO of payments company Square, owns 65.5 million shares in the company which currently is worth $3.1 billion.

"As a testament to his commitment to and belief in Twitter's long-term value creation potential, our CEO, Jack Dorsey, declined all compensation for 2017," said a proxy statement that Twitter filed with the US Security and Exchange Commission (SEC).

"As of April 2, Dorsey owned 18 million shares of Twitter, currently worth $529 million. His holdings represent 2.39 per cent of all outstanding shares," said a report in Variety on Thursday.

Also read: Twitter collaborates with US researchers to curb online abuse

According to the filing, Twitter CFO Ned Segal had a total compensation package worth $14.3 million for 2017.

Twitter has 330 million monthly active users globally. The company is currently undergoing major overhauling steps under Dorsey to revive the company's fortune. In 2016, Dorsey received personal and residential security costs totalling $68,506. 

(Edited by mid-day online desk, with inputs from PTI)

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