Twitter’s Jack Dorsey to give 1%of his stock to company’s employee

YEREVAN, OCTOBER 23, ARMENPRESS. Twitter Inc Chief Executive and co-founder Jack Dorsey said he is giving a third of his stock in the company, about 1 percent, to the employee equity pool. “Armenpress” reports about the aforementioned, citing Reuters.

The move, worth $197 million as of July 28, is to "reinvest directly in our people," Dorsey, who was named as the company's permanent CEO earlier this month, said in a tweet on Thursday.

e announced last week that the company would lay off 336 employees, about 8 percent of its workforce, in an attempt to streamline Twitter's products and teams.

His appointment raised concerns among investors about whether he could run both Twitter and mobile payments company Square Inc, which he co-founded.