Weeks after being named the company's permanent CEO, Jack Dorsey announced Thursday night that he's giving back a third of the stock he owns in Twitter, to be distributed among the employees. Valued at more than $200 million, the donation represents 1 percent of Twitter's stock.
Dorsey, a co-founder of Twitter, says he's sending a large chunk of his share in the company "to our employee equity pool to reinvest directly in our people."
Explaining the move further, Dorsey tweeted, "I'd rather have a smaller part of something big than a bigger part of something small. I'm confident we can make Twitter big!"
The move comes just over a week after Twitter announced that it's cutting its workforce by 8 percent, laying off up to 336 people. At the time, Dorsey called the decision "tough but necessary" to the company's long-term growth.
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