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

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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 efforts. 

“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.”

“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.

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