{"id":393328,"date":"2023-05-12T22:13:47","date_gmt":"2023-05-12T22:13:47","guid":{"rendered":"https:\/\/insidebitcoins.com\/?page_id=393328"},"modified":"2024-04-09T06:45:49","modified_gmt":"2024-04-09T06:45:49","slug":"jack-dorsey-net-worth","status":"publish","type":"page","link":"https:\/\/insidebitcoins.com\/bitcoin-investors\/jack-dorsey-net-worth","title":{"rendered":"Jack Dorsey Net Worth, Crypto and NFT Investments"},"content":{"rendered":"

Jack Dorsey is well known for his connection with Twitter, and activeness in the tech space. The net worth of Jack Dorsey piled up as a result of his investment in the tech space. Before switching over to the tech space, Jack Dorsey worked as a fashion designer.\u00a0<\/span><\/p>\n

\"Jack<\/p>\n

He’s the CEO of payments gateway company Block previously known as Square. He co-founded Twitter in 2006 alongside some of his friends. He served as the CEO for years before leaving to focus on some projects.\u00a0<\/span><\/p>\n

During this period, he co-founded Square with Jim McKelvey in 2009. The firm went public in 2015 before undergoing a renaming process to become\u00a0 Block in December 2021. He returned in 2015, picking up the CEO of Twitter role from 2015 until November 2021. He stepped down from the board in May 2022.<\/span><\/p>\n

He’s well-known as a philanthropist. In April 2020, he promised to give away $1 billion to Covid-19 relief and some other causes. The fund is about 28% of his net worth. Before then, Jack Dorsey gave out about one-third of his Twitter shares to his employees.<\/span><\/p>\n

According to Forbes, the net worth of Jack Dorsey is $4.6 billion, making him the 624th richest person in the world. In 2021, Jack Dorsey was worth about $12.5 billion owing to the increase in the net worth of Block.<\/span><\/p>\n

Jack Dorsey\u2019s Net Worth<\/h2>\n
\n\n\n\n\n\n\n\n
Year<\/th>\nNet Worth<\/th>\n<\/tr>\n
2020<\/td>\n$2.6 billion<\/td>\n<\/tr>\n
2021<\/td>\n$12.5 billion<\/td>\n<\/tr>\n
2022<\/td>\n$6.1 billion<\/td>\n<\/tr>\n
2023<\/td>\n$3.9 billion<\/td>\n<\/tr>\n
2024<\/td>\n$4.6 billion<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Early Life<\/h2>\n

Born as Jack Patrick Dorsey on November 19, 1976. Jack Dorsey has a partial Italian root through his mother, Marcia. His father Tim Dorsey is an American and he worked for a company that produced mass spectrometers. Jack Dorsey grew up in St. Louis, Missouri, his place of birth. His family is Catholic, and he has an uncle who’s a priest in Cincinnati.<\/span><\/p>\n

His academic journey saw him attend Bishop DuBourg High School, St. Louis. There he developed an interest in computers and communications at an early age. He already began programming during his time at Bishop DuBourg High School. At the young age of 15, Jack Dorsey wrote dispatch software that is still in use by some taxicab companies in the world today.<\/span><\/p>\n

While growing up, he sometimes worked as a fashion model. Jack hacked the website of New York City’s largest taxi dispatch company when he was 17. He contacted the CEO of the dispatch company and offered to help fix the vulnerability. Dorsey moved to the University of Missouri\u2013Rolla in 1995, attending the institution for about two years. Thereafter, he transferred to New York University in 1997, but dropped out two years later. Jack Dorsey dropped out in his final year, with just a semester left to graduate.<\/span><\/p>\n

Meanwhile, he conceived the idea of developing Twitter during his time at New York University. After leaving school, Jack Dorsey worked on dispatching as a programmer, before he moved to California. In 2000, Dorsey founded his company in Oakland to dispatch couriers, taxis, and emergency services from the Web. During this period, he conceived the idea of establishing many other projects. Some of these ideas included networks of medical devices and a “frictionless service market”.\u00a0<\/span><\/p>\n

It is worth mentioning that Dorsey also serve as a judge for Bloomberg’s NYC BigApps competition in 2011. In 2013, he expressed to CNN an admiration for Michael Bloomberg. Then, he revealed his desire of becoming the mayor of New York City. Later that year, Dorsey was announced as a new member of the board of directors of The Walt Disney Company.\u00a0<\/span><\/p>\n

Twitter<\/h2>\n

In 2000, while building on dispatching, he was inspired by LiveJournal and AOL Instant Messenger to develop Twitter. The project hit the ground running as an idea for a Web-based real-time status\/short message communication service.\u00a0<\/span>Seeing implementations of instant messaging, Jack Dorsey wondered if the software’s user status output could be shared among friends. He then approached Odeo, but the firm seems to be interested in Text Messaging alone at that time. It is worth mentioning that Odeo was co-founded by Noah Glass, Evan Williams, and Biz Stone co-founded Odeo, later renamed Obvious Corporation.\u00a0<\/span><\/p>\n

However, Jack Dorsey and Biz Stone concluded that SMS text suited the status-message idea. Owing to that, they built a prototype of Twitter. The initiative attracted numerous investors. The project launched fully on March 21, 2006, with Jack Dorsey as the CEO. Though he left two years later but he remained one of the top executives. At first, many made a mockery of Twitter. They regarded it as a tool for the shallow and self-centered to broadcast the minutiae of their lives to the universe.\u00a0<\/span><\/p>\n

The project struggled to kick off fully. It mostly battled frequent service outages. However, the gradual usage of Twitter by many celebrities aided the growth and acceptance of the project. Top politicians like Barack Obama and John McCaind used Twitter exhaustively during their respective campaigns.\u00a0<\/span><\/p>\n

Meanwhile, the usage of Twitter for political engagements pushed Jack Dorsey into the political landscape. On different occasions, he served as a State Department delegate to several areas battling with political instabilities. In 2015, Dick Costolo resigned as the CEO of Twitter, and Jack Dorsey assumed the position of interim CEO upon Costolo’s departure. Later that year, he was named permanent CEO on October 5, 2015.<\/span><\/p>\n

In 2016, users of the microblogging app shrank due to the increasing competition. Due to that, In May 2016, Dorsey announced that Twitter would not count photos and links in the 140-character limit to free up more space for text. The move was aimed at attracting more users to the platform. During the year, Twitter suspended the account of its CEO, though Jack Dorsey downplayed the controversy stating it was an internal mistake.\u00a0<\/span><\/p>\n

Again, Jack Dorsey left Twitter on November 29, 2021. He was replaced by the company’s former CTO Parag Agrawal. On April 25, 2022, Twitter agreed to a $44 billion buyout by Elon Musk, CEO of SpaceX and Tesla. The deal is one of the biggest deals involving a private firm. In May 2022, Dorsey left the board of directors of the Microblogging app.\u00a0<\/span><\/p>\n

However, Elon Musk attempted to back out of the deal. On July 8, Musk terminated the deal causing Twitter shares to plummet. Consequently, the firm’s executives sued Elon Musk in a bid to stop him from backing out. In October, Elon Musk completed the takeover at $54.20 per share summing it to $44 billion. Jack Dorsey retained his 2.4% ownership of Twitter after the takeover by Elon Musk.<\/span><\/p>\n

Block (Square)<\/h2>\n

In 2009, Jack co-founded a second company, named Square. Square is a payment processing firm that processes card transactions through a Square card reader. The idea of the project came to life after a friend complained that he was unable to sell some of his merchandise because he doesn’t accept card payments. Jack Dorsey banked on this to establish Block.<\/span><\/p>\n

Consequently, Jack Dorsey, along with co-founder Jim McKelvey, developed a small business platform to accept debit and credit card payments on a mobile device called Square. To carry out a transaction, the device must be connected to iPhone, iPad, iPod Touch, or Android device through the headphone jack.\u00a0<\/span><\/p>\n

More so, Square is a system for sending paperless receipts via text message or email. Over the years, Square has grown from strength to strength. The firm grew from 10 employees to over 100 around June 2011. Within this period, the valuation of the firm grew to $3.2 billion with Jack Dorsey as the CEO. He owned about 24.4% stake in the company. In 2015, Square went public almost exactly two years after Twitter went public.<\/span><\/p>\n

In March 2020 the FDIC permitted Square to open a bank. That year, the Covid-19 lockdown compelled Jack Dorsey to announce that employees of Square would permanently become remote workers. Also, the firm introduced the policy of withholding 30% of the funds merchants received from customers who used its cash app.\u00a0<\/span><\/p>\n

After announcing plans to launch Square Financial Services in 2021, Jack Dorsey changed the name of the firm. On December 1, 2021, CEO Jack Dorsey officially changed the name of the platform to Block, Inc. According to the CEO, the transition was necessary due to the firm\u2019s shift in focus to other businesses and innovations such as blockchain. During the year, the firm’s market cap topped $100 billion for the first time. With that, the net worth of Jack Dorsey received a massive boost.\u00a0<\/span><\/p>\n

Donations<\/h2>\n

Aside from being a successful tech entrepreneur, Jack Dorsey is also famous for the various donations he has made to charitable courses. In March 2016, Dorsey fully funded about 600 Missouri public school projects registered at DonorsChoose. Likewise In October 2019, Jack Dorsey donated $350,000 to #TeamTrees. #TeamTrees is a nonprofit campaign started by YouTuber MrBeast that vowed to plant 20 million trees by the end of 2019.<\/span><\/p>\n

At the height of the Covid-19 pandemic in 2020, Dorsey made major headlines for another donation. Fulfilling the promise, he moved about $1 billion of his equity in Square, Inc., to Start Small, and LLC. Also, part of the funds went to relief programs relating to the coronavirus. During the Covid-19, he was committed to funding COVID-19 relief, girls’ education and health, and universal basic income.<\/span><\/p>\n

When the second wave of the Covid-19 pandemic struck India again, he donated $15 million to support relief efforts. He distributed the funds among three NGOs. These NGOs were Care ($10 million), Aid India ($2.5 million), and Sewa International ($2.5 million).<\/span><\/p>\n

In total, Jack Dorsey has donated $24 million to over 40 different grantees for relief efforts. Aside from his effort in making life easy during the pandemic, the billionaire donated $10 million to Boston University’s Center for Antiracist Research, founded by Ibram X. Kendi.<\/span><\/p>\n

Is Jack Dorsey Pro Bitcoin?<\/h2>\n

Over time, Jack Dorsey has proven to be an outspoken proponent of Bitcoin and cryptocurrencies. The former Twitter CEO sees Bitcoin as a credible invention with the potential to replace the whole foundation of payment systems in the financial arena. In 2021, Dorsey attended a Bitcoin conference comprising notable actors in the crypto community. At the conference, he emphasized the growing importance of Bitcoin to the entire world. According to him, the largest crypto by market cap is beneficial to the entire world owing to the fact that it can be traded at any given time and at any where across the globe.<\/p>\n