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

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

Jack Dorsey, chief executive officer and co-founder of Square Inc., speaks during a Bloomberg Television interview on Wednesday, Aug. 2, 2017.

Bloombeg | Getty Images

Square and Twitter CEO Jack Dorsey has said he is donating $1 billion in Square equity to support relief efforts for the 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.

This is breaking news. Please check back for updates.

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