San Francisco: Declining all compensation and benefits for three years in a row now, Twitter CEO Jack Dorsey drew only $1.40 in salary last year, the media reported.
This was the first time Dorsey actually took a salary from Twitter since 2015, the company revealed in a filing on Monday with the US Securities and Exchange Commission (SEC).
The reason behind Dorsey declining all compensation and benefits for three years has been recognised “as a testament to his commitment to and belief in Twitter’s long-term value creation potential”, CNET quoted Twitter as saying in its filing.
According to a rudimentary accounting, Dorsey’s salary comes out to one cent for each of the 140 characters Twitter users were allowed to include in tweets when he resumed control of the company in 2015, CNET reported on Monday.
“But perhaps Dorsey will soon be graduating to a new level, say a doubling of his salary to $2.80? It’s quite possible that Dorsey and his board of directors agreed upon the amount in late 2017, as the company was getting ready to transition from 140-character-capped tweets to its current 280-character limit,” the report said.
Minimal executive paychecks have become fairly commonplace in Silicon Valley over the past decade.
Late Apple founder Steve Jobs, Google’s Eric Schmidt, Sergey Brin and Larry Page, Yahoo’s Carol Bartz and Terry Semel, Cisco Systems’ John Chambers and Oracle’s Larry Ellison, among others have been known for opting for the minimal executive paychecks, the report noted.