Twitter CEO and co-founder Jack Dorsey has not taken any salary in 2017. This is not the first time when he has done this. As per media reports, he did not take a single penny for running the micro-blogging platform since the last three years.
“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,”
said a proxy statement that Twitter filed with the US Security and Exchange Commission (SEC).
Dorsey, however, has shares whose value went up 20 percent since the beginning of 2018.
As of April 2, Dorsey owned 18 million shares of Twitter whose current worth amount to $529 million. His holdings represent 2.39 percent of all outstanding shares, reports claim.
According to the filing, Twitter CFO Ned Segal had a total compensation package worth $14.3 million for 2017.
Dorsey, also the CEO of payments company Square, owns 65.5 million shares in the company which currently is worth $3.1 billion.
Twitter has 330 million monthly active users globally. The company is currently undergoing major overhauling steps under Dorsey to revive the company’s fortune.
In 2016, Dorsey received personal and residential security costs totaling $68,506.
Dorsey, not the only one
Elon Musk is recognized for his ambitious bets, but the Tesla CEO will not be getting any return from the company for the last ten years – no salary, bonus, or equity, unless the electric car company almost doubles in value.
Before praising Musk for his plausible selflessness, though, it’s worth noting that the billionaire, who has toiled as Tesla’s chairman since 2004 and as its CEO since 2008, has been getting along just fine despite never receiving a salary as long as he has been with the company.
Indeed Musk, worth an estimated $21.5 billion, will once again refuse his annual paycheck of $56,000 in 2018 and the decade thereafter.
Under the new payment plan, however, Musk could actually become much, enough richer—and so could Tesla stockholders.
To earn any compensation going forward, Musk must grow Tesla, to $100 billion in market cap, and also increase its revenues or adjusted earnings (before interest, taxes, depreciation and amortization, a.k.a. EBITDA) by at least 70%. That would satisfy the first milestone of the 12-level compensation ladder, allowing Musk to collect stock options worth an additional $1 billion.
