https://nasacademy.com/blog/article/jack-dorseys-net-worth-how-this-2-time-college-dropout-became-a-billionaire

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Jack Dorsey’s Net Worth: How This 2-Time College Dropout Became a Billionaire

From Missouri to Silicon Valley

Admin Nas Academy

30 Jun · 5 mins read

Co-Founder and former CEO of Twitter, Jack Dorsey’s net worth isn’t necessarily just the fortune that his instant messaging and live-updates platform has allowed him. In fact, he has created more than one successful business venture over the years – despite being a college-drop-out – that has earned him immense success and financial gains.

Jack Dorsey Net worth 2022: $4.5 billion

Jack Dorsey

In the beginning…

Jack Dorsey grew up in St. Louis, Missouri, USA. And aside from being a part-time punk-rap concert attendee, spending time in specialty electronic stores, and participating in fantasy football leagues – communications and programming was where his interest always lied. Jack was a programmer and computer-obsessed self-starter right out of the gate. 

While in high school, he actually created his very first product that would begin his career as an entrepreneur. 

He was just 15 years old when he created a dispatch software for first responders and taxis – and it was actually used for decades after he created it by certain taxi companies. 

But his schooling ended there. Jack didn’t really find himself fitting into the modern-day, post-secondary school system. In fact, right after he graduated high school, he was so interested in the dispatch industry that he did everything he could to land a job working for one…including breaking the law.

There was no contact information available for Dorsey to apply to work with a Dispatch company he was interested in named: Dispatch Management Services. So, he (admittedly) hacked into the company’s server where he found a weak spot, and he sent an email to them pointing out that there was a hole in their system…and how to fix it.

Before he knew it, he was given the job in New York City.

He tried to attend Missouri University of Science and Tech without success, before trying to study at NYU. But even after making the big move, something still didn’t sit right with him. So, he ultimately decided to drop University all together.

Even after this venture with the Dispatch company ended, he still kept close with his boss, and they even attempted another dispatch venture together that ultimately didn’t pan out. After this, Dorsey decided to become a massage therapist for a while, then move to California. 

Not long after this, Jack Dorsey inevitably fell back into dispatch servicing yet again. In fact, it was the year 2000 when he built his own online dispatch company and became fascinated by the concept of instant messaging online.

 

The early bird stages of Twitter

Jack Dorsey’s net worth may not have solely grown because of the Twitter app itself, but it was a significant factor that helped him become the billionaire entrepreneur that he is today.

In 2000, Jack Dorsey created the first-ever iteration of Twitter. It was programmed to let him update his friends through blackberry and email messaging – but the idea never really took flight. It remained simply a personal project of his own.

Then right after, he started working at a podcasting place, called Odeo, where he would happen to meet his future Twitter co-founders: Evan Williams, and Biz Stone. Eventually, Odeo went out of business…and Jack decided to turn to his fallback. He decided to nurture his seedling of a business idea on the instant messaging platform he programmed.

His co-founders, Evan and Biz both got on board with the idea. And before they knew it, Jack Dorsey published his first, infamous tweet on March 21, 2006, saying: “just setting up my twttr” – and Twitter was officially born.

jack dorsey first tweet

At first, Twitter wasn’t immediately a widely used and coveted platform – which highly contrasts how it is nowadays, where Twitter is practically inherent to the daily routine of many celebrities and politicians. At first, Twitter was actually mocked. Well known talk-show hosts joked about it, people laughed at it…until it started to grow in popularity as a microblogging platform. 

Then, Twitter started getting used by big political candidates like Barack Obama, when he was running for president in 2008. He used it as a way to update his supporters throughout his campaign across the country. Now, Twitter has grown into a 29.64 billion dollar company, it’s the 9th most visited website in the world – and 6000 tweets are posted every single second. 

 

The rise of Twitter (and Jack Dorsey’s net worth)

As soon as Twitter started shaping up to be a success, the young team of co-founders bought the domain name “Twitter” for $7000, and Jack Dorsey (who was 30 at the time) managed the company as CEO for the first two years of its existence.

But when 2008 hit, Dorsey was fired from his position as Chief Executive Officer. His co-founder, Evan Williams along with another board member didn’t see Jack as being fit to run the platform (due to consistent outages with the app, and his performance over the couple years prior).

So, just as Twitter was growing to become one of the biggest social platforms of its time, Jack Dorsey left the picture – and William’s rose to be the new CEO (until he left in 2011).

During Dorsey’s time off from Twitter’s executive team, he didn’t sit around sulking over his crushed hopes and dreams. Instead, he did what he always did: he programmed another platform.

After sitting as a chairman of the board on Twitter for a while since William’s took his spot as CEO, Jack eventually left to pursue his other venture full-time. And that new venture was Square Inc. 

Square (now rebranded to Block) is a FinTech business who sells point of sales systems that helps sellers process transactions easily and effectively. When it was officially launched in 2009, Twitter had hit 105 million users, and there were over 50 million tweets being collectively posted in a day. Although Twitter turned out to be a massively successful platform – most of Jack Dorsey’s investments were in Square (he had over 10% stakes in the company).

 

Coming home to Twitter

Nearing the end of 2012, Jack Dorsey officially appeared on Forbes list of top 400 richest Americans. Twitter went public in 2013, and Dorsey instantly earned millions. At that time, he had 23.5 million shares in the company. 

By the time 2015 rolled around, William had already left the CEO position at Twitter, and Square had just gone public. It was a good time for Dorsey, and he stepped back into the CEO seat at Twitter. But he didn’t leave Square behind – he ended up running both Twitter and Square simultaneously for six whole years.

And because of it, he was actually nearly outed by an activist at the time – because of his division of focus on two different companies. Even though that debate settled, in 2021, Jack Dorsey officially stepped down as Chief Executive Officer at Twitter after 15 years. 

He remained as Chairman of the board, until Elon Musk stepped in and took control of Twitter.

 

The dark side of Dorsey’s creation

Although Twitter and social media platforms have had such an incredible impact on the world, and the building of communities across barriers – it hasn’t been all sunshine and rainbows. Especially with Twitter, since Dorsey basically launched a free-for-all platform where anybody can say pretty much anything they want to without punishment.

Any globally accessible platform that lets people share their thoughts freely without consequence or mediation is instantly is bound to run into differences of opinion, hate speech, misinformation and conflict. And Twitter definitely didn’t disappoint – especially throughout Donald Trump’s presidency in America.

It’s worth assuming that Dorsey began this platform as a means of building positive connection, and not to spread hate and misinformation around the world – but especially since the pandemic – that’s what’s been happening. Trump used Twitter to rally protestors on January 6th, 2021, and encouraged them through Twitter to basically storm the capital when he lost the election.

After this, Twitter and all of the major social media platforms were criticized and testified against for their neglect in handling the spread of misinformation and hate across platforms.

 

Where is Jack Dorsey now? 

Jack Dorsey’s net worth also lays in other smaller investments compared to his businesses – like his BMW 3 Series, as well as his 9.9 million house in Seacliff (a very prestigious neighbourhood in California).

And since Twitter’s been bought by Elon Musk and Jack Dorsey is no longer in the picture, a large focus for him has been the Web3 space, which partially inspired the rebranding of his company Square, inc. to Block Inc. 

In 2021, Jack Dorsey became a big investor in Bitcoin and crypto. In fact, he was spending $10,000 a week just to purchase Bitcoin, and Square invested $50 million into Bitcoin in total. 

After he officially left Twitter, it was just 2 days before Jack Dorsey renamed Square inc. to Block inc., as a way of encompassing their shift towards blockchain, decentralization and becoming a multidimensional company.

They’re also looking into building another subsidiary under Block inc. that is a “decentralized Web” focused specifically around Bitcoin. Jack Dorsey calls it “Web5”. Dorsey doesn’t truly believe that the way Web3 is being built right now is truly going to be the new decentralized web. It’s still going to be regulated and controlled by the people at the top. 

jack dorsey tweet web5

He believes crypto is a form of activism, and he’s diving in full-force to build it into what his vision of a “decentralized web” really is. Although it’s hard to tell what the actual consequences and structure of this Web5 is really going to be.

Looks like we’ll just have to wait and see. But it can be assumed that if his crypto ventures become a success, Jack Dorsey’s net worth could grow even more through this investment into DeFi.

 

Philanthropic efforts

Jack Dorsey, while holding billions of dollars in assets himself, he’s also been active in giving to charities and supporting organizations especially during the darkest days of the pandemic. 

Jack donated 28% of his total wealth, towards COVID efforts that he has been keeping logged publicly on this spreadsheet, and he continues to update it as the money continues to be dispersed across different organizations. 

jack dorsey philanthropy
Screenshot

He also decided to mint the first tweet he posted on Twitter back in 2006 as an NFT. Then, he sold it for 2.9 million at an auction and gave all of the money directly to the charity, Give Directly, for COVID response support in Africa.

 

How Jack Dorsey’s net worth grew to $4.5 Billion

Jack Dorsey has participated in so many ventures over the years that have contributed to his billionaire status, but it mainly came to be through his entrepreneurial efforts. From a young age, Dorsey has been creating concepts that solved problems in communities that needed them, and even when one failed (or he got kicked out) he came back and built something else.

But Jack Dorsey also proved that going to college doesn’t necessarily mean that you’re going to find success.

There’s been a pattern in the past of successful entrepreneurs skipping the post-secondary education portion of their academic journeys. And it’s because while college can teach you skills, theory and help you meet people – the drive and starter-mindset is only really something you can cultivate yourself when you find an idea that you’re truly passionate about.

Dorsey jumped from career to career, working as a masseuse, building his own dispatch projects, babysitting and being a bike messenger. It shows the oddly mainstream progression that many entrepreneurs experience: try to build the company, fail, then take whatever job you can get until you find a way to bring your idea to life.

The key to Dorsey’s success was that he continued to build his ideas even when they failed. 

But it doesn’t mean he’s not without his faults, or his net worth was stable all along. Since most of the famous co-founders’ money (and most other billionaires’, for that matter) isn’t actually liquidated, Jack Dorsey’s net worth has dramatically shifted over the years since the pandemic, and the current state of the stock market. 

Back in 2006, Jack Dorsey’s net worth was growing significantly until he hit $6 billion in 2018. Then, when the pandemic hit in 2020, it dropped. However, that first 1.5 years of the pandemic (between April of 2020 to November of 2021) is where it grew the most. In October of 2021, he was estimated to be worth $14.9 billion.

However, that dropped closer to $11.8 billion in November of 2021, and then plummeted down to $4.5 billion as of June 2022. You can track Jack Dorsey’s net worth in real time through Forbes’ net worth tracker right here. 

Jack Dorsey wore many hats throughout his career, he still owns an estimated $850 million in Twitter, and is still a multi-billionaire to date with many plans ahead for entrepreneurial adventures in the tech space. 

 

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