Jack Dorsey donates $ 1 billion of his equity in Square to COVID-19 Relief – Variety

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Jack Dorsey, CEO of Twitter and payment company Square, said he is moving $ 1 billion from his stock in Square to fund COVID-19 and possibly other causes.

Dorsey, which has a net worth of around $ 3.3 billion according to Forbes, announced the plan on Tuesday. on Twitter. He said that the billion dollars represents about 28% of his wealth. The funds will be distributed through its charity Start Small LLC.

” Why now? The needs are growing, and I want to see the impact in my life, “wrote Dorsey, 43, on Twitter. “I hope this will inspire others to do something similar. Life is too short, so let’s do everything we can today to help people now. “

According to a Google Doc that Dorsey set up to disclose her donations, the first funding he paid was $ 100,000 on April 2 to America’s Food Fund, an initiative launched by Leonardo DiCaprio, Apple, Laurene Powell Jobs and the Ford Foundation and supported by Oprah Winfrey will provide food to those who need it during the coronavirus crisis.

Dorsey said, “After disarming this pandemic,” the fund will focus on two other causes: girls’ health and education and universal basic income (UBI). This is because “I believe they represent the best long-term solutions to the existential problems facing the world,” he writes. “UBI is a great idea that needs experimentation. Girls’ health and education are essential to balance. “

Dorsey also explained that he exploits his Square holdings because “I have a lot more Square” than Twitter stocks, and that he will have to speed up sales of stocks “over a period of time”. He added, “The impact of this money should benefit both companies in the long run, because it helps the people we want to serve.”

According to Dorsey, he has already donated $ 40 million to “many organizations whose impact and effectiveness have been proven in the past, mostly anonymously,” but said he was making his contributions public because, “It is important to show my work so that I and others can learn. “

Dorsey’s double CEO status has raised questions among investors about her effectiveness in running Twitter and Square simultaneously. In March, Twitter reached an agreement with activist investor Elliott Management – who allegedly sought to oust Dorsey – under which Dorsey remained the executive director of the social network. In addition, private equity firm Silver Lake has invested $ 1 billion in Twitter, while Twitter has also appointed officers from Elliott and Silver Lake to its board of directors.



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