Payments technology company Square submitted its long-awaited public filing for an initial public offering on Wednesday afternoon, after filing confidentially over the summer.
The paperwork revealed that co-founder and CEO Jack Dorsey is the largest shareholder with 24.4% of the company, a stake that could be worth in excess of $1 billion. But he’s already plenty wealthy from his stake in Twitter, which he co-founded, with an estimated net worth of $2.3 billion, according to Forbes.
Early investor Khosla Ventures is Square’s second largest shareholder, with a 17.3% stake. Meanwhile, Dorsey’s Square co-founder, Jim McKelvey, owns 9.4%.
Investors JP Morgan (JPM), Rizvi Traverse, and Sequoia Capital, which previously scored big returns with its early funding of Google and WhatsApp, own 5.3% of Square, individually. Kleiner Perkins, another big Silicon Valley investor that has previously profited handsomely with Google and Amazon, owns 3%.
Top Square employee with big holdings include CFO Sarah Friar, with 1.3%, and engineering lead Alyssa Henry, who owns 2 million shares (which is less than 1%). Legendary basketball player Magic Johnson, who joined the company’s board in June, owns 38,000 shares (also less than 1%).
Last year, several major Square shareholders cashed in by selling some of their holdings privately. Rizvi Traverse, McKelvey, Square general counsel Dana Wagner, and board member and former Treasury Secretary Lawrence Summers, all sold shares in the transaction. How much money they made is unclear.
The sale reportedly valued Square at $5 billion. In raising money later in that year, the company’s valuation rose to $6 billion.
Another interesting tidbit from the filing is that Dorsey’s salary was only $3,750 last year. He also gave 15 million shares, or 20% of his total stake, back to Square and to the Start Small Foundation, a non-profit organization that funds artists, musicians, and local businesses in underserved communities. He plans to give 40 million more shares (or an additional 10% of the company), to the non-profit.
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