• Sunday, May 19, 2024
businessday logo


Twitter CEO, Jack Dorsey donates $1bn to fight Coronavirus 

Twitter CEO, Jack Dorsey donates $1bn to fight Coronavirus 

Jack Dorsey, CEO of Twitter, one of the giant social media and digital payment Square on Tuesday firstpledged to donate $1 billion to fight the global pandemic, coronavirus.

” I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: https://docs.google.com/spreadsheets/d/1-eGxq2mMoEGwgSpNVL5j2sa6ToojZUZ-Zun8h2oBAR4/htmlview   ” Dorsey said on his twitter handle.

“Why pull just from Square and not Twitter? Simply: I own a lot more Square. And I’ll need to pace the sales over some time. The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve,” he said. Dorsey, who has a net worth of about $3.3 billion according to Forbes, also said that he will pull his pledge from Square instead of Twitter because he owns a bigger portion of the payment processor.

” It’s important to show my work so I and others can learn. I’ve discovered and funded ($40mm) many orgs with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public.” Dorsey revealed on his twitter handle that all grants will be made public in a tracking sheets.

Business Line reports that the Twitter CEO’s pledge is the largest amount donated by an individual. Major donations so far have been made by the Bill and Melinda Gates Foundation who’ve pledged $100 million, less than 1 per cent of their fortune.