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Why does Jack Dorsey only own 4.9%?

Probably due to this...

http://venturebeat.com/2011/09/08/twitter-400-million-round/

> Sources cited by the Financial Times claim DST has invested $400m for a 5% stake in the company, with US mutual fund T Rowe Price and an internet fund managed by JPMorgan leading a group of other investors.

I doubt Jack put in an equivalent amount to ensure he didn't get diluted:)

An investor buying 5% of the company doesn't cause a lot of dilution. Earlier rounds were certainly more dilutive.

because Jack developed twitter during employment at Odeo, which was the company of Evan Williams and Noah Glass. Eventually they would spin it out. I think 4.9% is a fair stake (when you are not risking everything to make an idea work but rather rely on your current employer to build things up with you).

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