Tuesday 9 April 2019 2:45 pm

Twitter chief executive Jack Dorsey receives annual salary of $1.40 for 2018


Jess Clark is a City A.M. news reporter covering retail and property.

Jess Clark is a City A.M. news reporter covering retail and property.

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Twitter co-founder Jack Dorsey was paid a salary last year for the first time since he was appointed as chief executive of the social media giant in 2015.

Dorsey was paid $1.40 in 2018, likely alluding to Twitter’s former 140 character limit, joining the ranks of other tech billionaires such as Facebook founder Mark Zuckerberg and Alphabet chief executive Larry Page who both take a symbolic annual salary of $1.

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However, the billionaire netted $80m last year after selling 1.7m shares in Square, the mobile payments company that Dorsey founded in 2009, and is worth $4.7bn according to Forbes.

“As a testament to his commitment to and belief in Twitter’s long-term value creation potential, our chief executive Jack Dorsey declined all compensation and benefits for 2015, 2016 and 2017, and in 2018 he declined all compensation and benefits other than a salary of $1.40,” Twitter said in a filing to the US securities and exchange commission (SEC).

The regulatory filing also revealed that Twitter opposed a shareholder proposal to publish a report on its content governance, amid controversy over election interference and how the platform deals with hate speech and fake news.

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“The company’s governance policies appear to lack a strategic approach,” shareholders New York State Common Retirement Fund and Arjuna Capital said.

However the board said such a report was “unnecessary” in light of current practices and the level of “public transparency” surrounding the matters.

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