Twitter CEO Jack Dorsey wants another job
You might think Jack Dorsey had his hands full as the CEO of two companies: Twitter (TWTR) and Square (SQ). But he's in the running again for another job, too.
Dorsey, 38, is up for shareholder vote to renew his membership of the board of directors at media giant Walt Disney (DIS) at the company's 2016 annual meeting to be held March 3 in Chicago. It's easy to see why Dorsey would want to be involved again given Disney's size and influence. Dorsey has served as a Disney board member since December 2013.
Dorsey was also paid $295,050 for being a Disney boardmember in 2015 - including $115,000 in cash and $180,050 in stock awards. That's more than the $175,399 that Twitter's former CEO Richard Costolo was paid in fiscal 2014. Dorsey retook the Twitter CEO position in Sept. 2015 to try to turn the company's fortunes around. Square paid Dorsey $3,750 in fiscal 2014, according to data from S&P Capital IQ.
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Being a Disney board member again comes at a time both Square and Twitter are facing huge threats. Shares of Twitter are in free fall - dropping 62% over the past year - as usage of the online micro blogging site stalls and the company continues to lose money. Granted, the company has plenty of cash to afford it time to mend itself. Still, more than $5 billion in market value has been erased by Twitter just this year. Shares of Twitter closed down $1.19, or 7%, to $15.72. Dorsey has personally felt the pain. He's lost more than $800 million as the value of his 21.9 million shares of Twitter have fallen from the 52-week high of $53.49 to Friday's close of $15.72 share.
Meanwhile, mobile payment processing company Square just went public in November 2015. Shares of that company are already trading 4% below their initial offering price of $9. Shares closed Friday down 27 cents, or 3%, to $8.63. These companies are among the 462 tech stocks that have shredded $529 billion in shareholder wealth this year.
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Being a member of the board of directors, certainly, isn't a full-time job. Disney says its board met six times in 2015 and every director attended at least 75% of those meetings.
But just another thing for Dorsey to do.