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Twitter CEO Jack Dorsey Declines Compensation in 2017 for Third Straight Year

Twitter CEO and co-founder Jack Dorsey again got paid nothing to run the social-networking company last year.

“As a testament to his commitment to and belief in Twitter’s long-term value creation potential, our CEO, Jack Dorsey, declined all compensation for 2017,” the company said in a proxy statement filed Wednesday with the SEC. It’s the third year in a row Dorsey is turning down pay from Twitter.

But Dorsey still owns a bundle of equity in Twitter, whose stock has increased in value 20% since the beginning of 2018. As of April 2 Dorsey owned 18 million shares of Twitter, currently worth $529 million as of Wednesday’s closing price. His holdings represent 2.39% of all outstanding shares.

Dorsey also is the CEO of payments company Square, where his base annual salary was $2.75 for the year ended 2016. He owned 65.5 million shares of Square, according to the company’s 2017 proxy statement, which currently would be worth $3.1 billion.

According to Twitter’s filing, CFO Ned Segal — who started at the company last August — had a total compensation package worth $14.3 million for 2017. That included $165,385 in base salary and a $300,000 bonus.

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Twitter executive chairman Omid Kordestani, the former Google chief business officer who joined the company in October 2015, was paid $50,000 in base salary and $2.04 million in stock in 2017 (a total comp package up 12.6% from 2016).

The company has scheduled its 2018 annual stockholders meeting for May 30, 2018 at 11 a.m. Pacific. The meeting will be “completely virtual,” conducted via live audio webcast. Twitter shareholders will vote on whether to re-elect four directors, to serve until 2021: Debra Lee, chairman and CEO of BET Networks; former Google CFO Patrick Pichette; Martha Lane Fox, founder and chair of karaoke company Lucky Voice; and David Rosenblatt, CEO of 1stdibs.com.

Among other items up for vote at the meeting is a proposal that Twitter to provide a report to shareholders on its content-enforcement policies. That would review “the efficacy of its enforcement of its terms of service related to content policies and assessing the risks posed by content management controversies (including election interference, fake news, hate speech and sexual harassment) to the company’s finances, operations and reputation.” Twitter recommends voting against the proposal, saying the board thinks it’s unnecessary “n light of our current practices, level of public transparency about these matters and our key initiatives.”

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