Barely a week after laying off more than 300 employees, Twitter CEO Jack Dorsey just gave a big gift to the company's workforce.
The Twitter founder plans to give one third of his stock --what amounts to 1% of the company -- back to his employees, Dorsey announced Thursday.
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Saying he would "rather have a smaller part of something big than a bigger part of something small," Dorsey noted the move is meant to help Twitter continue to grow. The shares, which are worth roughly $200 million, will go into the company's employee equity pool, which means there will be more Twitter stock available to employees.
I'm giving ~1/3rd of my Twitter stock (exactly 1% of the company) to our employee equity pool to reinvest directly in our people.— Jack (@jack) October 23, 2015
As for me: 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! — Jack (@jack) October 23, 2015
The move comes at a crucial time for the company as the now two-time Twitter CEO attempts to jumpstart user growth. Dorsey laid off 336 employees -- 8% of its staff -- just days after officially taking over as CEO of Twitter. The layoffs came primarily from the company's engineering department, which Dorsey said would benefit from having a smaller team.
Though Dorsey said he hopes reinventing in employees will help "make Twitter big," the move will likely also boost morale among employees still reeling from the recent layoffs.