Hindenburg Research, a short seller, said that Jack Dorsey’s mobile payments company, Block, broke banking laws and helped clients get COVID stimulus payments. This caused Jack Dorsey’s net worth to drop by more than $500 million.
Jack Dorsey’s Net Worth
American investor and web developer Jack Dorsey has a net worth of $4 billion. Even though he is best known as one of the creators and co-founders of Twitter, most of Jack Dorsey’s wealth comes from his share in the mobile payments company Square.
In April 2022, when Elon Musk decided to buy Twitter, Jack Dorsey owned about 18 million shares, which was about 2% of all the shares that were out there. At $54.20 per share, Jack’s 18 million shares were worth about $974 million when they were sold.
As of this writing, Jack Dorsey owns about 43 million shares of Square, which was renamed Block Inc. At the time this article was written, these shares were worth about $2.5 billion. He is also in charge of cash and other assets worth about $1 billion.
When US short seller Hindenburg went after Dorsey’s Block payments company in March 2023, his net worth dropped by more than $500 million.
Jack has given more than a billion dollars to charity. In April 2020, he paid for his promise with shares of Square.
Jack Dorsey’s Businesses
When Twitter first came out, some people made fun of it because they thought it was just a way for shallow, self-centered people to share every little detail of their lives with everyone. In the beginning, the site also had a lot of problems with service going down.
But when famous people and business leaders started “tweeting,” Twitter stopped being the subject of so many jokes. Twitter quickly became the leader of the “microblogging” trend and gave Barack Obama and John McCain a powerful way to keep their supporters up to date while they were on the campaign trail.
Dorsey then invested in the social networking company Foursquare and started a new business called Square. Square lets people accept credit card payments through a small device that plugs into their computer or phone.
In 2008, he was named one of the top 35 thinkers in the world under the age of 35 by the MIT Technology Review TR35. In 2012, Jack was named “Innovator of the Year” by The Wall Street Journal. Dorsey joined The Walt Disney Company’s board of directors on December 24, 2013.
Jack Dorsey is one of the people who started Bluesky Social, a social media site that grew out of Twitter.
In 2009, Jack helped start a second business, which he called Square. Jack had the idea after a friend, who later became his co-founder, told him that he couldn’t sell glass taps and fittings because he didn’t take credit cards. Square is a mobile payment/financial services company.
If you’ve ever bought something at a farmer’s market or from a food truck, the seller probably swiped your credit card on an iPad or iPhone that had a little square card reader attached to it.
In November 2015, Square went public, almost two years after Twitter did the same. Square’s market cap was $3 billion on its first day of trading. That was a huge letdown since the business was valued at $6 billion in the last round of private funding.
Square’s market value went over $100 billion for the first time in February 2021. At that time, Jack had a total net worth of $16 billion, of which about $15 billion came from Square.
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Jack Dorsey’s Real Estate
Jack Dorsey bought a home in the Hollywood Hills of Los Angeles for $4.22 million in August 2018. He put the house on the market in August 2019, and two months later, someone bought it for $4.6 million.
Since 2012, his main home has been a big house in San Francisco that he bought for $10 million. In 2017, he bought the house next door for $22 million. In 1997, the buyers paid just $2.85 million for that house. Dorsey is known to walk about 5 miles to work every day when he is in San Francisco.
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