Jack Dorsey is no longer a billionaire, thanks to the crashing stock markets and his struggling tech empire.
As global stocks tumbled on Wednesday morning, so did Square and Twitter, the two tech companies he helped found. An hour and a half after the opening bell, Twitter had fallen 6% and Square was down 11%.
At $8.46 a share, Square has now fallen below the $9 price set when it went public in November 2015. Both Twitter and Square are down about 30% so far in 2016.Twitter is down 57% in the past 12 months.
Dorsey, who is currently attempting to juggle the top job at both companies, saw his worth fall with the value of Square and Twitter stock.
Official word that the 39-year-old entrepreneur has dropped out of the billionaires league came from Kate Vinton, a reporter who tracks the world’s wealthiest people for Forbes, compiler of the benchmark rich list.
“At the Forbes 400 in September, we pegged Dorsey’s net worth at $2.2bn, thanks in large part to Square’s $6bn dollar private valuation. His net worth dropped $800m to just below $1.4bn when the company went public in November at $11.20 a share. Now, with both companies struggling on the stock market, he’s fallen out of the three-comma club with a net worth of $944m as of 10:30am,” she wrote.
On October 5, Dorsey was reappointed as CEO of Twitter, a company that he cofounded in 2007. He was Twitter’s first CEO before he was replaced by Dick Costolo.
Costolo was ousted last June as the social media company struggled to grow its user base. It has continued to struggle under Dorsey, who will report the company’s latest results early next month.