Home News Health Twitter Boss Jack Dorsey Donates 1Bn Dollars To Tackle Coronavirus Pandemic

Twitter Boss Jack Dorsey Donates 1Bn Dollars To Tackle Coronavirus Pandemic

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Twitter Founder Jack Dorsey says he will donate $1bn (£810m) towards efforts to tackle the coronavirus pandemic.

Jack Dorsey who is also owner of payment app Square made the announcement on Twitter, saying the donation represented approximately 28% of his wealth as “needs are increasingly urgent” but did not lay out exactly where the funds would be sent to help in the battle against Covid-19.

The 43-year-old is the chief executive of both Twitter and Square will use shares he owns in Square to fund the donations which will be distributed through the Start Small Foundation.

In the US there is a shortage of ventilators and personal protective equipment, and business and individuals are also struggling economically.

He said he was using shares of Square and not Twitter because he owned “a lot more” of them. The shares will be sold over time, which could impact on their value and the overall size of the donation.

Once the Covid-19 pandemic has been “disarmed”, the funds will go toward girls health and education and research into universal basic income.

In a six-part Twitter thread, Mr Dorsey said he wanted to donate to causes where he could see an impact in his lifetime.

The donations will be made through a limited liability company. It is a tool many wealth individuals use for donations, but is often criticized for a lack of transparency. He sought to get ahead of this charge by posting a link to a google doc which will publicly track the funds donations.

In a six-part Twitter thread, Mr Dorsey said he wanted to donate to causes where he could see an impact in his lifetime. The donations will be made through a limited liability company. It is a tool many wealth individuals use for donations, but is often criticized for a lack of transparency.

 

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