Twitter Chief Executive Officer Jack Dorsey is giving one-third of his company stock back to his employees, a move valued at nearly 1% of the company’s outstanding shares.
Dorsey is planning to place those shares into the employee equity pool.
The move will “reinvest directly in our people,” Dorsey said.
Dorsey was named Twitter’s permanent CEO this month. He is also the CEO and founder of Square, a payments portal that recently filed for its own IPO
Twitter has not responded to requests for comment outside of its regular business hours.
Former Microsoft CEO Steve Ballmer recently announced that he purchased 4% of Twitter’s shares, valued at nearly $900 million. Ballmer after Dorsey’s equity play will own almost double the number of shares owned by Twitter’s co-founder.