News

Jack Dorsey’s $1.40 CEO Salary is Irrelevant When He Buys Bitcoin Every Week

Osato Avan-Nomayo · @OsatoNomayo | Apr 10, 2019 | 07:00

---

Don’t feel sorry for Twitter CEO Jack Dorsey who received a salary of $1.40 for 2018. His bitcoin stash likely keeps him warm at night.

Jack Dorsey Gets Paid $1.40 as Twitter CEO

According to the Washington Post, an SEC filing published on Monday (April 8, 2019) shows that Twitter paid Dorsey an annual salary of $1.40 in 2018. The sum is most likely a nod to the platform’s previous 140-character limit for posts.

Dorsey’s other company – Square, reportedly paid him a $2.75 salary for 2017. This figure is also symbolic as 2.75 percent is the company’s processing fee on swiped transactions.

It’s a common trend for tech billionaires to pass up on their annual salary since they have massive equity stakes in their companies. Thus, they accept only a tiny salary while collecting huge compensations tied to the performance of their companies.

According to Twitter’s filing notes, Dorsey declined compensation upon his re-appointment as company CEO in 2015. It should be pointed out that the Twitter CEO does own about 2.3 percent of the company’s stock and is worth an estimated $4.7 billion.

Dorsey’s Bitcoin Stash

While base annual salaries are a token for people like Dorsey, the Twitter CEO’s Bitcoin stake makes the need for them even more inconsequential. As previously reported by Bitcoinist, Dorsey has recently been purchasing $10,000 worth of bitcoin every week.

While no one knows how much BTC Doraey owns, Bitcoin is up nearly 40 percent since the start of the year. Most of that growth has been due to its April 2019 performance. Therefore, it’s safe to say Dorsey’s stash is doing pretty well, especially over the past month.

Dorsey Bullish on Bitcoin

Dorsey continues to be bullish on Bitcoin. Appearing on the Joe Rogan Experience Podcast earlier in the year, the CEO doubled-down on his previously espoused view that Bitcoin could be the native currency of the Internet.

Bought these Minecraft Legos with bitcoin and @cashapp here in Tokyo for Biz’s son Jake pic.twitter.com/0qDqvq5Czh

— jack (@jack) March 25, 2019

Apart from talking up BTC, the Twitter and Square CEO has also been visible on the Bitcoin technology front. Back in March, Dorsey showed off his Casa Bitcoin full node after earlier announcing the imminent integration of Lightning Network on the Square Cash App.

Dorsey also plans to contribute to the development of the cryptocurrency ecosystem announcing that he will hire developers to work on open source crypto technology projects. What’s more, the Twitter chief says he will pay the people who work on these projects in Bitcoin.

Apart Dorsey, do you think other tech billionaires are keeping part of their wealth in Bitcoin? Share your thoughts with us in the comments below.

Images via Shutterstock, Bitcoinist archives, and Twitter (@jack).