Twitter CEO Jack Dorsey pledges a billion dollars from his Square equity for coronavirus aid initiatives
Tech CEO Jack Dorsey Pledges $1 Billion for Coronavirus Relief
In a significant move to combat the ongoing coronavirus pandemic, Jack Dorsey, the co-founder and CEO of Twitter Inc. and Square Inc., has pledged $1 billion of his personal wealth. This pledge, announced via a tweet on Tuesday, marks the largest pandemic-related donation yet.
Dorsey's wealth stands at approximately $3.9 billion, and his pledge represents about 28% of his net worth. The proceeds from the initial sales will fund coronavirus relief efforts.
The pledge is aimed at addressing the increasingly urgent needs, with Dorsey expressing his desire to see the impact of his donation in his lifetime. So far, $100,000 has been donated to America's Food Fund, and other organizations that have received donations from Dorsey for coronavirus relief efforts include GiveDirectly, Feeding America, the CDC Foundation, and the COVID-19 Solidarity Response Fund.
In 2015, Dorsey donated almost $200 million in Twitter stock to the employee grant pool. This donation was the largest pandemic-related donation at that time.
The virus has taken a heavy toll worldwide, with over 81,000 deaths reported as of today. The U.S. jobless rate has jumped to 4.4%, the highest since 2017, and is expected to surge in coming months.
The San Francisco Bay Area, where Dorsey and his companies are based, had some of the earliest U.S. cases. Authorities in the region took aggressive action to rein in the virus.
Other billionaires have also made significant donations to combat the pandemic, but Dorsey's pledge is the biggest so far. The Bill & Melinda Gates Foundation has pledged a similar amount for vaccine development and related initiatives.
Shares of Square, where Dorsey is also a co-founder, dropped about 1% in the extended session after the announcement.
As of Tuesday, there have been over 1.41 million virus cases worldwide. The fight against the pandemic requires collective efforts, and Dorsey's pledge is a significant step towards providing relief and support to those affected.
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