SAN FRANCISCO (AP) -- After laying off more than 300 workers, Twitter CEO Jack Dorsey is trying to lift the spirits of the remaining employees by giving them 6.8 million shares of the stock he owns in the online messaging service.
Dorsey is giving up the stock, currently worth more than $200 million, so Twitter can award the shares to its employees, according to documents filed Friday with the Securities and Exchange Commission.
The gesture comes a week after Dorsey laid off 8 percent of Twitter's workforce in an effort to make the company profitable for the first time in its nine-year history. The gift represents nearly one-third of the stock Dorsey owns in the San Francisco company.
RELATED GALLERY: See the history of Twitter in these pictures
Twitter CEO gives up $200M in stock for company employees
MANCHESTER, UNITED KINGDOM - JULY 02: In this photograph illustration a member of the social networking site Twitter follows the twitterings of friends during a work break on July 2, 2009 in Manchester, England. The social network site, started in 2006 in California as a sideline project, has grown into a global brand becoming one of the fastest growing phenomenas of the Internet. (Photo by Christopher Furlong/Getty Images)
LONDON - JULY 02: In this photo illustration the Twitter website is displayed on a laptop computer on July 2, 2009 in London. The social network site, started in 2006 in California as a sideline project, has grown into a global brand becoming one of the fastest growing phenomenas of the Internet. (Photo by Peter Macdiarmid/Getty Images)
LONDON - JULY 02: In this photo illustration the Twitter website is displayed on a mobile phone near Parliament on July 2, 2009 in London. The social network site, started in 2006 in California as a sideline project, has grown into a global brand becoming one of the fastest growing phenomenas of the Internet. (Photo by Peter Macdiarmid/Getty Images)
Twitter co-founder Biz Stone (L) and conference organizer Steve Broback (R) from the Parnussus Group, pose for photographers at the start of the Twitter Conference LA in Los Angeles on September 22, 2009. Twitter, the micro-blogging platform which has attracted tens of millions of users but has yet to make money, has changed its terms to potentially open up the free service to advertisers. Twitter, which allows users to pepper one another with messages of 140 characters or less, has seen explosive growth since it launched publicly in August 2006 but has been unable so far to generate revenue. AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)
Julie Strange, a 27-year-old librarian at Towson Library in Maryland, shows a Twitter message on her phone displaying information on how to donate to the Red Cross. (Photo by Amy Davis/Baltimore Sun/MCT via Getty Images)
A screen shows the Twitter messages of users giving prayers for missing Malaysian airlines flight MH370 in Kuala Lumpur on March 28, 2013. Planes and ships were to resume the hunt for wreckage of flight MH370 after the weather cleared, as they chase down more satellite sightings of suspected debris nearly three weeks after the jet crashed. AFP PHOTO / Ed Jones (Photo credit should read ED JONES/AFP/Getty Images)
LONDON, ENGLAND - NOVEMBER 07: In this photo illustration, the Twitter logo and hashtag '#Ring!' is displayed on a mobile device as the company announced its initial public offering and debut on the New York Stock Exchange on November 7, 2013 in London, England. Twitter went public on the NYSE opening at USD 26 per share, valuing the company's worth at an estimated USD 18 billion. (Photo by Bethany Clarke/Getty Images)
SYDNEY, AUSTRALIA - NOVEMBER 26: (EXCLUSIVE COVERAGE) Katy Perry poses for a portrait backstage with the Twitter mirror at the 28th Annual ARIA Awards 2014 at the Star on November 26, 2014 in Sydney, Australia. (Photo by Mark Metcalfe/WireImage)
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"I'd rather have a smaller part of something big than a bigger part of something small," Dorsey tweeted about surrendering some of his stock. "I'm confident we can make Twitter big!"
Twitter said Dorsey's shares will be earmarked for stock issued to employees next year under the company's incentive plan.
Dorsey will still own 15 million Twitter shares worth about $460 million, based on Twitter's current market value.
Twitter's stock gained $1.13, or nearly 4 percent, to close Friday at $30.28.
The shares have declined by 40 percent in the past six months amid concerns about Twitter's slowing user growth and inability to make money.
Twitter Inc. brought back Dorsey, one of its co-founders, as its CEO in hopes that he can figure out a way to make the messaging service more appealing beyond its core audience of about 300 million users. By comparison, Facebook's social networking service has 1.5 billion users, even though it is only two years older than Twitter.
Dorsey was Twitter's original CEO, but was ousted because the company's board didn't think he was the right leader at that time.
While he tries to re-tool Twitter, Dorsey is also serving as CEO of Square, a payment processor that is preparing to price an initial public offering of its stock.
Dorsey has given back nearly 15.1 million shares of Square stock during the past two years, too, according to Square's IPO documents. He remains by far Square's largest shareholder with a 24 percent stake in that San Francisco company, which is located a block away from Twitter's headquarters.