Twitter CEO Jack Dorsey To Donate $1 Billion

Twitter co-founder and chief executive Jack Dorsey said, on Tuesday, that he was committing $1 billion of his fortune to COVID-19 relief through his philanthropic fund.

Jack pledged $1 billion of his stakes in Square Inc, the payments processor that he co-founded and heads, to help fund relief efforts related to the global pandemic.

Jack Dorsey revealed in a series of tweets that he would transfer his equity in his digital payments group Square to his limited liability corporation Start Small, contributing around 28 % of his overall wealth. This Start Small would later focus its attention on universal basic income and girls' health and education.

Jack Dorsey, for years, has kept details of his charitable efforts private. But now, he said all donations to and from the fund would be visible to the public through a public document.

Dorsey’s net worth is estimated at $3.3 billion by Forbes. He also said that he was pledging his stake in Square instead of Twitter because he owns a bigger portion of the payments processor. He also said that he would pace the sale of the pledged shares over time.

The US has recorded more than 380,000 COVID-19 cases, with the total death toll rising to about 12,300.