Slumping Stock Price Kicks Twitter CEO Jack Dorsey Out Of Billionaire Club

By on January 23, 2016 in ArticlesBillionaire News

The stock market has been on a decline for months now and it isn't good news for some of our favorite billionaires. The volatility of the stock market has already demoted Go Pro founder Nick Woodman from billionaire to millionaire. Now, it has claimed another casualty in Jack Dorsey. Thanks to the tumbling price of Twitter and Square, Dorsey can kiss that 7th digit of his net worth goodbye. The tech mogul is now worth a mere $944 million. Previously, his net worth was $2.2 billion.

January 20th was a particularly brutal day for Dorsey. Both of the tech companies he helped found took a beating. Just 90 minutes after the stock market's opening bell, Twitter stock was down 6% and Square was down 11%. On Wednesday, Square's share price fell to $8.46, which is below the $9 debut it was set at when the company went public in November of 2015. It has since rebounded a bit, to $9.87 a share. Square's highest stock price was $13.09.

JUSTIN TALLIS/Getty Images

JUSTIN TALLIS/Getty Images

Twitter has fallen from $23.14 per share on December 31st to $15.64 on Wednesday. It has also rebounded just a bit, to $17.86.

Both Square and Twitter are down 30% in 2016. Twitter is down 57% over the past 12 months.

Currently, Dorsey is juggling the CEO gig at both companies. In September, Dorsey's net worth was estimated at $2.2 billion, due in large part to the $6 billion private valuation of Square. When Square went public in November, Dorsey's net worth dropped $800 million to $1.4 billion overnight.

When the dust settled on Wednesday's day of trading, Dorsey's net worth was $944 million.

Articles Written by Amy Lamare
Amy Lamare is a Los Angeles based writer covering business, technology, entertainment, philanthropy, and pop culture. She spent 8 1/2 years covering the entertainment industry for www.hsx.com. She attended the University of Southern California where she majored in Creative Writing. An avid long distance runner, weekends she can be found running the streets of Los Angeles training for 1/2 and full marathons. Follow her on Facebook.
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