Twitter CEO Jack Dorsey Pledges Whopping $1 Billion To Fight COVID-19 Pandemic

COVID-19 has completely altered our world. Businesses are suffering, economies are crumbling and people are trying their best to save themselves from the novel coronavirus.

Reuters

However, amidst all this, there are people who are trying to make a difference, by donating medical supplies, funds and now Twitter CEO Jack Dorsey has joined this list.

Jack Dorsey has announced that he will be committing $1 billion from his personal finances to aid in fighting back COVID-19. He has promised this through his philanthropic fund.

He made this announcement on Twitter, stating that he will be transferring his equity in his digital payments group Square to his limited liability corporation Start Small. Jack Dorsey is committing a total of 28 percent of his overall wealth.

Dorsey¡¯s net worth is estimated at around $3 billion which includes his stake in Twitter as well as Square.

Twitter

He also revealed that when the pandemic ends, the funds will help girl¡¯s health and education. He also emphasised on transparency giving users a link to track all the flows.

He said, ¡°Why the transparency? It¡¯s important to show my work so I and others can learn. I¡¯ve discovered and funded ($40mm) many orgs with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public. Suggestions welcome.¡±

He said in a tweet, ¡°Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime. I hope this inspires others to do something similar. Life is too short, so let's do everything we can today to help people now.¡±

Reuters

This could be the largest contribution made by a single individual for combating COVID-19 -- a disease that has infected over 14 lakh people worldwide and killing over 82,000.

He also went ahead and cleared doubts that why is Jack using shares from Square and not Twitter, ¡°Why pull just from Square and not Twitter? Simply: I own a lot more Square. 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.¡±