The CEO of Square and Twitter has been offloading stock in recent months.
Billionaire tech CEO Jack Dorsey has sold more than one million shares, or roughly 3%, of his Square stake in 2018. Jack Dorsey, who has run two of Silicon Valley's hottest tech companies since 2015, is one of those chief executives who famously refuses to take a traditional paycheck. For the last several years, he declined any pay from Twitter and accepted a mere $2.75 from Square.
It's been a good time to sell Square. The company, which makes the little square devices used by small businesses to accept credit cards in person, is still unprofitable but has seen its stock climb 80% this year. The majority of Dorsey's fortune is tied up in his ownership of Square equity. Thanks largely to the run-up in the stock, he is now worth $1.9 billion more than at the start of the year. His net worth currently stands at $4.
Dorsey, 42, is not alone in declining to take a traditional salary. Billionaire founders like Facebook's Mark Zuckerberg, Oracle's Larry Ellison and Google's Larry Page and Sergey Brin all famously collect a $1 salary every year. In lieu of a regular paycheck, they often receive lucrative compensation tied to the company's performance. They also typically sit on troves of company stock that they can sell.
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