Twitter CEO Jack Dorsey announced in a Thursday evening tweet he will give one third of his Twitter stock to the company’s employee equity pool in a move he said was meant to “reinvest directly in our people.”
Dorsey explained the decision by saying he’d “rather have a smaller part of something big than a bigger part of something small” and expressed his confidence that the company’s team “can make Twitter big.”
According to Dorsey, the stock is equal to “exactly 1% of the company,” with a value of around $200 million.
The giveaway may be a tactic to boost employee morale, as the announcement comes just under ten days after the company disclosed plans to cut eight percent of its workforce in a corporate restructuring effort.
Under Dorsey, the Twitter cofounder who was recently named CEO, the struggling social media company has sought to refocus around its “top product priorities and drive efficiencies” in an attempt to recover from slumping user numbers.
