Twitter CEO's $1 billion coronavirus relief comes from Square stake
Jack Dorsey will also give equity toward universal basic income, girls’ health and education
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Jack Dorsey, the Square and Twitter CEO, plans to donate $1 billion of his equity in Square to create a COVID-19 relief fund that will contribute to other causes once the coronavirus pandemic passes.
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After the pandemic is over, his fund, #startsmall LLC, will give money toward cause such as universal basic income and girls’ health and education, Dorsey said in a Twitter thread. Those initiatives were selected because he believes they, "represent the best long-term solutions to the existential problems facing the world.
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| TWTR | NO DATA AVAILABLE | - | - | - |
He added that he is pulling the shares from his stake in Square instead of Twitter because he owns more stock in Square. Dorsey will cash in the shares over time.
"Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime," Dorsey said. "I hope this inspires others to do something similar. Life is too short, so let’s do everything we can today to help people now."
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| SQ | BLOCK INC. | 72.15 | -0.17 | -0.24% |
Dorsey also tweeted a link to a public Google Doc where the organizations that receive the money can be tracked.
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Dorsey joins fellow social media executive, Facebook CEO Mark Zuckerberg and his wife Priscilla Chan, in supporting communities throughout the country affected by the virus. Zuckerberg and his wife have said they will donate $25 million toward creating treatments for coronavirus.