I How Jack Dorsey Spends His Money

Billionaires

How Jack Dorsey Spends His Money

As he steps down as Twitter’s CEO, here’s a glance at where tech billionaire Jack Dorsey spends his fortune.

Twitter’s ex-CEO and cofounder Jack Dorsey had a net worth of $12.9 billion as of November 16, 2021, ranking him 53rd on the Forbes 400 list and 173rd among the world’s wealthiest billionaires in 2021. He remains a board member until May 2022.

Dorsey served as CEO from 2006 to 2008 and took the helm in 2015 before giving away almost 33% of his shares to Twitter employees in 2016 and stepping down again on November 29, 2021. His remaining approximately 2% stake in Twitter was worth around $960 million as of November 5, 2021. Here’s a look at how he has been spending some of his money.

The Start Small Initiative: $428.2 million Dorsey pledged to donate $1 billion from his shares in Square Inc., his financial payments company, to the #startsmall initiative, a fund he launched for global COVID-19 relief in April 2020. Since then, the fund disbursed $428.2 million to 246 organizations as of November 16, supporting various causes such as food banks, social justice campaigns, and girls’ education. Donations range from $6,000 granted to Oakland Art Murmur, an art mural fund, to $20 million granted to a COVID-19 contact tracing initiative. All his donations are visible on a public Google spreadsheet.

San Francisco real estate: $21.9 million Dorsey purchased his neighbor’s house in the exclusive Seacliff neighborhood of San Francisco for a reported $21.9 million in 2018. The cliffside mansion spans 3,588 square feet, includes five bedrooms, and offers panoramic views of the Golden Gate Bridge and the Pacific Ocean. Dorsey already owns the twobedroom mid-century house next door, which he reportedly bought for nearly $10 million in 2012. The two properties combined cover 1.2 acres of coastal land.

Music streaming service: $297 million Through Square Inc, Dorsey bought Tidal, a music streaming service, for $297 million in March 2021. Following the deal, Dorsey announced his plan to connect Tidal with Square’s personal finance apps Seller and Cash App. Rapper and fellow billionaire Jay-Z acquired the app for $56 million in 2015, intending to create an artist-owned streaming service to rival the likes of Spotify and Apple Music. Tidal, which is available in 61 countries, has since struggled to compete in the music streaming market.

Twitter.com: $7,500 Alongside Twitter cofounder Evan Williams, Dorsey bought the domain name “Twitter.com” for $7,500 in 2006, according to TechCrunch. The company was valued at $42.3 billion, as of November 15, 2021. The website was previously called “twttr,” a name the three cofounders chose. In March 2021, Dorsey sold his first tweet mentioning the company’s original name, which reads: “just setting up my twttr,” for $2.9 million.

Funding a startup (partly): $7 million One of serial investor Dorsey’s latest investments was in MOLTEN, a cloud software company for the entertainment industry, on October 21, 2021. The Massachusetts-based startup has raised a total of $7 million in two seed rounds since its founding in 2018. Aside from Dorsey, its other notable investors include Hollywood actor Ashton Kutcher and former Walt Disney president Michael Ovitz.

Scan this QR code to open the website

Zainudeen Beeravunni, Group Executive Director

After crossing the milestone of 25 years in business, what’s next in store for Hotpack? Hotpack is now 26 years-old and our growth so far has been outstanding, thanks to the concerted and wellcoordinated efforts of each and every team member.

As a customer-focused company, we have achieved growth by carefully exploring and anticipating market developments and then working towards meeting them by employing the best manufacturing technologies, controlling costs, and reducing wastage at each stage of our operations.

Our vision is to be positioned as a leading global brand in the packaging industry and I am glad to say that we are in a high state of readiness to realize this vision in the near future.

Packaging is primarily an ancillary business. With this in mind, how important is innovation, and what role is your R&D team playing in achieving business success? Today, packaging is no longer considered an additional cost. Instead, it’s seen as a valueaddition to other products and services. Having said that,

Unwrapping The Full Value Of Packaging

Hotpack Global is a U.A.E.-based manufacturer of disposable food packaging products and a top pick internationally in the packaging industry. Here, Zainudeen Beeravunni, Group Executive Director, unravels the secrets of the company’s success, layer by layer.

packaging has always been our core product and business. As such, our R&D team is leading from the front in developing many innovative and trendsetting solutions for B2B and B2C customers. We continue to develop and launch biodegradable, compostable, and recyclable products that minimize carbon footprint.

Sustainability is a hot topic globally. What measures are you taking to make your business as sustainable as possible? Protecting the environment is indeed a major challenge for all. Our product research and development activities are centered around offering sustainable packaging solutions and minimizing the resources used.

We are investing in continuously upgrading our manufacturing technologies and products to make them more environmentfriendly in accordance with global benchmarks.

Our manufacturing technologies and processes are calibrated to Industry 4.0 standards by combining artificial intelligence, augmented reality, IoT, and big data to achieve overall operational efficiency. Hotpack has a strong presence in the GCC and an international network including factories in the U.K. and India and operations in Africa. Do you have plans to expand your geographical footprint any further? At present we have 12 manufacturing facilities, 27 branches, and 39 sales centers across 12 countries, and we are working towards establishing more bases globally – both for exports and to serve new territories.

We are consolidating our position in the U.S.A. by setting up a larger base there and we are set to achieve a high growth trajectory in the European market in the coming year. Further, our manufacturing capabilities will be boosted when our strategic manufacturing base in Southeast Asia becomes operational in the near future.

All these plans and developments will enable us to export our products to about 150 countries, a major leap from the current 100 countries.

www.hotpackglobal.com