Twitter founder becomes billionaire, newest tech star

Mark Zuckerberg? Shares of Facebook Inc tanked 46% since the IPO and there is nothing interesting now. The new spotlight is on Twitter founder Jack Dorsey.

According to Forbes report quoted by Bloomberg, the 35-year old is now a billionaire. The biggest chunk of his wealth however, doesn’t come from Twitter but his mobile payment company, Square Inc., who recently received an investment of $200 million from Rizvi Traverse Management, on a $3.2 billion valuation. Dorseys stake in the company worth about $845 million plus his Twitter holdings, push his personal net worth over one billion.

Dorsey founded Twitter Inc. in 2006, alongside Biz Stone and Evan Williams. The 140 character communication service claims about 175 million registered users and is now considered an essential component in the lives of celebrities, the communication networks of media, cliques of friends and, for political figures, any campaign without a Twitter presence would be considered antique, weak and without understanding of the modern world.

In 2010, Dorsey launched Square Inc., offering merchants to accept mobile credit card payments through a white plastic card reader that can be plugged into the earphone jack of a smart phone or tablet computer. The ingeniously simple product has enjoyed massive surge in interest and investment from Sequoia Capital, Khosla Ventures, Kleiner Perkins and former Napster mastermind, Shawn Fanning, to name a few.

The company charges 2.75 percent per swipe and boasts more than 1 billion customers. According to the firm, Square’s 2012 revenue is estimated to be at least a 300 percent increase from its reported revenue of $42.5 million last year.

Dorsey was the first chief executive of Twitter. He stepped aside for Williams in 2008, but returned to Twitter as executive chairman in March 2011.

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Will there be a twitter IPO? Not so sure if going public is a good idea for them seeing as how Facebook IPO is sinking.