Twitter CEO and co-founder Jack Dorsey has declined to accept any salary for the third consecutive year. In last three years, Dorsey has not taken a single penny for running the micro-blogging platform.
“As a testament to his commitment to and belief in Twitter’s long-term value creation potential, our CEO, Jack Dorsey, declined all compensation for 2017,” the company said in a proxy statement filed Wednesday with the SEC.
Despite not accepting his salary, Dorsey still holds a fortune of equity in Twitter. His stock has increased in value 20% since the start of 2018. As of April 2, Dorsey processed 18 million shares of Twitter which are currently worth $529 million, and his holdings represent 2.39% of all outstanding shares.
Other than his association with Twitter, Dorsey is the CEO of Square. At Square, his base annual salary was $2.75 for 2016 where he owned 65.5 million shares of the company. The worth of these shares is $3.1 billion. Dorsey earned personal and residential security worth $68,506 in 2016.
As per Twitter’s filing, their CFO Ned Segal had a total compensation package of worth $14.3 million for 2017. This package included a base salary of $166,65,385 and a $300,000 bonus. Segal joined the company in August 2017. Twitter executive chairman Omid Kordestani, who is Google’s former chief business officer, was paid $50,000 in base salary and $2.04 million in stock for 2017. Kordestani has been part of Twitter since 2015.
The annual stockholders meeting for 2018 is scheduled on May 30, 2018, at 11 a.m. This meeting will be a virtual meeting scheduled via live audio webcast. One of the purposes of the meeting is to decide whether to re-elect four directors (Debra Lee, chairman, and CEO of BET Networks; former Google CFO Patrick Pichette; Martha Lane Fox, founder and chair of karaoke company Lucky Voice; and David Rosenblatt, CEO of 1stdibs.com.) to serve until 2021. Another item on the agenda at the meeting would be a proposal to give a report to its shareholders on its content reinforcement policies.