Twitter CEO sets aside $1 billion in Square equity for charity, coronavirus relief

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KEY POINTS
  • Square and Twitter CEO Jack Dorsey has said he is donating $1 billion in Square equity to support relief efforts for the COVID-19.
  • After we finish fighting COVID-19, Dorsey said he will use the money to support girls health and education and universal basic income.
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Square and Twitter CEO Jack Dorsey has said he is donating $1 billion in Square equity to support relief efforts for COVID-19.

“I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief,” Dorsey said on Twitter.

Dorsey said that, after “we disarm” COVID-19, he will dedicate the money to universal basic income (UBI) and girls health and education.

“Why pull just from Square and not Twitter? Simply: I own a lot more Square,” he said. “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.”

Dorsey said that he wants to see the impact of his donation during his lifetime, and that “the needs are increasingly urgent.” He also said he hopes it will inspire others to “do something similar.”

“This segments and dedicates my shares to these causes, and provides flexibility. Grants will be made from Start Small Foundation or the LLC directly based on the beneficiary org. All transfers, sales, and grants will be made public in tracking sheet.

Dorsey isn’t the only technologist to fund coronavirus relief efforts, however, though he’s doing it on a big scale. Amazon’s Jeff Bezos has said that he is donating $100 million U.S. food banks. Facebook has committed $20 million.

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