Jack Dorsey Donating $1 Billion of His Equity in Square to COVID-19 Relief Efforts
Dorsey said that “After we disarm this pandemic,” the focus of the fund will shift to two other causes: girl’s health and education and universal basic income . That’s because “I believe they represent the best long-term solutions to the existential problems facing the world,” he wrote. “UBI is a great idea needing experimentation. Girl’s health and education is critical to balance.”
Dorsey also explained that he is tapping into his Square holdings because “I own a lot more Square” than Twitter equity, and that he will need to pace sales of the stock “over some time.” He added, “The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve.”
According to Dorsey, he has previously donated $40 million to “many orgs with proven impact and efficiency in the past, mostly anonymously” but said he is making his contributions public because, “It’s important to show my work so I and others can learn.” Dorsey’s dual-CEO status has raised questions among investors about how effectively he’s able to lead Twitter and Square simultaneously. In March,— which reportedly had been looking to oust Dorsey — under which Dorsey remained chief exec of the social network. In addition, private-equity firm Silver Lake invested $1 billion in Twitter, while Twitter also appointed Elliott and Silver Lake execs to its board.
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