Dorsey pledges $1 billion of Square stake for relief

Andrew Cummings
April 8, 2020

In 2015, shortly after Twitter cut roughly 8% of its employees, Dorsey said he was donating nearly $200 million in Twitter stock back to the employee grant pool.

"Why now? Needs are becoming more urgent, and I want to see the impact on my life", Dorsey tweeted in her final thread message.

"I hope this inspires others to do something similar", Dorsey said Tuesday in a tweet.

Dorsey's investment in coronavirus relief is ten times that of Amazon founder Jeff Bezos, the world's richest man, who has donated $100 million to food banks to feed out-of-work Americans.

Tech companies that have contributed to COVID-19 relief efforts include Apple, which reportedly doubled its donations to China's fight against the outbreakand Samsung, which provides funds and medical supplies, as well as donating their phones to quarantined patients.

Facebook founder Mark Zuckerberg contributed $25 million to Gates's research efforts, while companies including Apple and Salesforce have made smaller donations to relief efforts in California and overseas.

Dorsey has been working from his home in San Francisco's affluent Sea Cliff neighborhood, following shelter-in-place orders that are keeping many people from their regular activities.

A spokesperson for Square declined to comment. In 2015, when Zuckerberg and his wife, Priscilla Chan, set up the Chan Zuckerberg Initiative, it was organized as an LLC, holding much of their wealth to fund charitable causes. "I'll need to pace the sales over some time". He says the $ 1 billion going to Start Small today will be publicly tracked, and he even tweeted the public Google Sheets spreadsheet that will track spending. Includes an existing donation of $ 100,000 that Dorsey gave to the United States Food Fund.

Dorsey said that once the pandemic has been collectively disarmed, the money in the fund would be used for girl health and education as well as universal basic income.

Universal basic income refers to the concept of governments guaranteeing all citizens a minimum income. Are you a COVID-19 patient or do you know one?

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