After announcing layoffs, Twitter's new CEO is now giving away a third of his stock to employees

Twitter's newly-installed CEO Jack Dorsey has announced that he's giving away one-third of the company stocks he owns to employees. If you're wondering, that's exactly 1% of the company, which translates into an estimated $214 million. He made the announcement in a tweet on the micro-blogging service.

The move, quite clearly, is aimed at boosting the morale of the employees, given that the company is currently facing layoffs - just last week, it was announced that up to 336 jobs, which translates into 8% of the company's total workforce, will be cut. Dorsey has also recently given back 15 million shares of Square, another company he heads, to its employees.
If you aren't in the know, former executive officer of Microsoft Steve Ballmer recently announced that he has bought a 4% stake in Twitter, making him the third largest individual shareholder in the company.

Via