Dorsey said on his social media platform that the funds will come from his equity in Square, a mobile merchant payments firm that he founded in addition to Twitter.<\/p>\n
The funds, totaling about $998 million, represent about 28% of his overall wealth, Dorsey said.<\/p>\n
They will go into a limited liability firm that he founded called Start Small, which will then make grants to beneficiary organizations that can be tracked on a publicly-available Google document.<\/p>\n
“After we disarm this pandemic, the focus will shift to girls\u2019 health and education and UBI,” he said, using an acronym that refers to a universal basic income. “It will operate transparently.”<\/p>\n
Explaining why the funds will shift to these areas, Dorsey said in follow-on tweets that he believes “they represent the best long-term solutions to the existential problems facing the world.”<\/p>\n
“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\u2019s do everything we can today to help people now,” he said.<\/p>\n
While other celebrities and industry titans have stepped up to donate portions of their wealth to help the global fight against the coronavirus, Dorsey’s pledge represents one of the largest.<\/p>\n
He is also setting aside his shares in Square as international markets slump.<\/p>\n
Square itself is down over 40% since its February high of $85.70. Shares cost about $50.31 as of Tuesday’s market close.<\/p>\n
In all, Dorsey is transferring 19,833,400 shares to Start Small LLC.<\/p>\n","protected":false},"excerpt":{"rendered":"
Twitter CEO Jack Dorsey said Tuesday he is setting aside nearly $1 billion of his wealth to aid in the fight against the novel coronavirus. Dorsey said on his social media platform that the funds will come from his equity in Square, a mobile merchant payments firm that he founded in addition to Twitter. The …<\/p>\n","protected":false},"author":3,"featured_media":65359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80,63,1,107,118,14],"tags":[68379,78522,6046],"class_list":["post-65358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-daily","category-general","category-health","category-hot","category-world","tag-ceo","tag-coronavirus","tag-twitter"],"_links":{"self":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/posts\/65358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/comments?post=65358"}],"version-history":[{"count":0,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/posts\/65358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/media\/65359"}],"wp:attachment":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/media?parent=65358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/categories?post=65358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/tags?post=65358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}