Twitter, famous as it is, isn’t the company that has made Jack Dorsey the latest semi-official Silicon Valley paper billionaire.
His “other” company, the mobile payments service Square, has provided the majority of that wealth, according to private company analyst PrivCo. The analyst reports this morning that Square is about to close a humongous $200 million funding round that values the company at $3.2 billion, twice its $1.2 billion valuation of just a year ago. Square itself is just three years old and made its public debut in 2010.
Dorsey, PrivCo estimates, will own about 26 percent of Square, worth $845 million. That, combined with his stake in Twitter, the company for which he is justly famous as cofounder and the technological brains, puts Dorsey over $1 billion in paper wealth.
“Here at PrivCo we are quite familiar with Jack Dorsey, and as entrepreneurs go, Square has about the sharpest leadership in Dorsey as they come,” Sam Hamadeh, PrivCo’s chief executive, said.
Dorsey founded Twitter along with Biz Stoneand Evan Williams and was the first chief executive of the microblogging service. He stepped aside for Williams in 2008, but returned to Twitter as executive chairman in March 2011. He founded Square in 2009 and is also an active angel investor, having put money into Instagram and Kickstarter, among other companies.
Author: Kent Bernhard Jr.
[author] [author_image timthumb='on']http://theanomalous.com/wp-content/uploads/2012/07/image_reasonably_small.jpg[/author_image] [author_info]Chris is an Entrepreneur, Model & Philanthropist. He is the founder of @AstralSocial & @The_Anomalous.[/author_info] [/author]0