Coronavirus Outbreak: Twitter CEO Jack Dorsey pledges $1 billion towards COVID 19 relief efforts
Twitter co-founder and CEO Jack Dorsey has pledged $1 billion of his stake in his digital payment group Square Inc to help fund coronavirus relief efforts.
In a series of tweets, Dorsey said that the pledged amount represents about 28 percent of his overall wealth. The money will be donated to his charity fund, Start Small LLC.
Other than tackling the coronavirus pandemic, the fund will focus on health and education for girls and “universal basic income” efforts, once the outbreak is over.
“Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime. 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,” Dorsey said.
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://t.co/hVkUczDQmz
— jack (@jack) April 7, 2020
He said all transfers, sales and grants will be made public in a tracking sheet.
“Why is #startsmall a LLC? This segments and dedicates my shares to these causes, and provides flexibility,” Dorsey said.
The Twitter co-founder shared a document link that shows the new fund had already pledged $100,000 to America's Food Fund, an initiative launched by actor Leonardo DiCaprio, and Laurene Powell Jobs, the wife of Steve Jobs.
Dorsey, whose net worth, according to Forbes is estimated at $3.3 billion, said he was pledging his stake in Square instead of Twitter because he owns a lot more in the former company.
COVID–19 has so far claimed more than 82,000 lives and infected over 14 lakh people across the globe.
The US has recorded over four lakh coronavirus cases, and close to 13,000 people have died of the virus in the country.
Updated Date: Apr 08, 2020 14:47:23 IST
COVID-19 Testing: Gold nanoparticle-based test kit can give results within 10 minutes
New French study suggests 10% of diabetes patients who contract COVID-19 die within a week
COVID-19 Antibody Treatment: South Korea's Celltrion announces positive results from preclinical studies
World Milk Day 2020: Eight types of milk and the amazing benefits you can get from them
World No Tobacco Day 2020: How to prevent your younger family members and friends from picking up smoking
World No Tobacco Day 2020: How your body heals when you quit smoking
Coronavirus Outbreak Updates: 2,091 people test positive for COVID-19 in Maharashtra today; confirmed cases rise to 54,758 in state
Coronavirus Outbreak Updates: 459 people test positive for COVID-19 in Pune today, total number of cases rises to 6,153
Coronavirus Outbreak Updates: Junior assistant in Delhi LG's office tests positive for COVID-19; samples from 40 staff members taken
Coronavirus Outbreak Updates: Mumbai reports 1,382 new COVID-19 cases; confirmed infections rise to 25,317
Coronavirus Outbreak Updates: With 1,82,143 COVID-19 cases reported till date, India now seventh worst-affected country, says WHO
Pfizer CEO says COVID-19 vaccine likely to be ready by October this year; 'will have enough evidence of safety, efficacy'