Jack Dorsey Commits $1B To COVID-19 Relief

Square SQ and Twitter, Inc. TWTR CEO Jack Dorsey announced on Tuesday he's donating $1 billion of his Square equity to StartSmall LLC to fund global coronavirus (COVID-19) relief.

“I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief," Dorsey said in a tweet. "After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently."

Dorsey went on to add he will also be supporting a foundation that will focus on girl's health and education called the universal basic income (UBI). His shared a Google docs spreadsheet tracking his donation.

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"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," Dorsey said in another tweet.

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. Drop your cash app ;)

— jack (@jack) April 7, 2020

Square is a financial services and mobile payment company based in San Francisco. The company markets several software and hardware payments products and has expanded into small business services.

Square shares were trading down 1.61% at $49.50 in Tuesday’s after-hours session. The stock has a 52-week high of $87.25 and a 52-week low of $32.33.

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