Jack Dorsey became a billionaire in 2012, and he has significantly increased his net worth in the years since.
The Twitter co-founder, 49, made headlines on Thursday when he announced his financial technology company, Block, is cutting "nearly half" of its workforce and shifting to AI tools.
Block, a payments company that owns Square, Cash App, TIDAL, Bitkey, and Proto, cut over 4,000 employees and went from more than 10,000 people to just under 6,000, making it one of the largest job cuts in Block's history.
Calling it "one of the hardest decisions in the history of our company," in a letter to shareholders he posted on X, Jack said: "A significantly smaller team, using the tools we're building, can do more and do it better. And intelligence tool capabilities are compounding faster every week."
Following the announcement, shares in the company surged by as much as 27% in post-market trading.
Jack Dorsey's net worth
© Getty ImagesAccording to Celebrity Net Worth, Jack is worth a whopping $4 billion. However, Forbes estimates it is much higher at $5.8 billion.
Co-founding Twitter (now X) in 2006 and Square (now Block) in 2009 made Jack a billionaire in the fall of 2012, and his other ventures have significantly increased his bank balance.
In his letter to shareholders, Jack was adamant that the decision to reduce Block's workforce was not "because we're in trouble. Our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving."
© Getty ImagesIt's not just Block that boosts Jack's accounts; he also still holds a financial stake in Twitter after he decided to roll over his more than 18 million shares, valued at about $1 billion, into Elon Musk's private company instead of cashing out at $54.20 a piece during the 2022 acquisition.
Jack also invests heavily in Bitcoin and previously said that Block, which owned $630 million worth of Bitcoin at one point, according to CNBC, will have Bitcoin payments via Square by 2026.
"Merchants can choose to hold the Bitcoin, or auto-convert it to fiat in real-time," he posted on X.
Philanthropy
© Getty ImagesJack may be worth billions, but he plans to give away all of his money within his lifetime.
"I want to make sure that I'm doing whatever I can in my lifetime to help that through my companies' works, through my own personal giving," he said on the Yang Speaks podcast in 2020.
"I'm in a situation that I never imagined when I was a kid or [even] when I was 25," he continued. "I didn't have any aspect of what money would mean until I was probably 35.
"I'm so grateful, but part of gratitude is not just saying I'm grateful, it's doing. I want to give out all my money in my lifetime. I want to see the impacts, selfishly, in my lifetime," Jack added. "I want to make sure that we're helping people."
© Getty ImagesOn April 7, 2020, Jack pledged to give away $1 billion, then 28% of his net worth, to COVID-19 relief and other causes.
"I'm moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girls' health and education, and [Universal Basic Income]. It will operate transparently," he wrote on X.
Since 2020, Jack has donated around $760 million so far.
