Jack Dorsey pledged $US1 billion ($1.6 billion) of his stake in Square Inc., the payments firm he co-founded and heads, to coronavirus relief efforts - the largest pandemic-related donation yet
Jack Dorsey pledged $US1 billion of his stake in Square Inc., the payments firm he co-founded and heads, to coronavirus relief efforts - the largest pandemic-related donation yet.
Dorsey has been working from his home in San Francisco's affluent Sea Cliff neighbourhood, following shelter-in-place orders that are keeping many people from their regular activities. Also the co-founder and chief executive officer of Twitter, he has a net worth of about $US3.9 billion, according to the Bloomberg Billionaires Index.The bulk of his fortune -- about $US3 billion -- is made up of Square equity. The money will be donated to his charity fund, Start Small.
Dorsey, who for years has kept details of his charitable efforts private, said all donations to and from the fund would now be visible to the public at all times through a public document.While other billionaires have announced significant donations to combat the pandemic and the anticipated economic turmoil, Dorsey's pledge is by far the biggest announced so far.
This is not the first time Dorsey has announced a large stock pledge. In 2015, shortly after Twitter laid off roughly 8 per cent of its employees, Dorsey announced that he was donating almost $US200 million in Twitter stock back to the employee grant pool. It was about a third of his total stake in the company.
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