Tech Billionaire, Jack Dorsey commits $1 billion to fight COVID19

Tech Billionaire, Jack Dorsey commits $1 billion to fight COVID19

What’s Tweeting?

Jack Dorsey, the founder of Twitter and payment app Square, announced on twitter that he will be donating one billion dollars towards the fight against COVID19 Pandemic.  

According to Mr. Dorsey, the donation represented approximately 28% of his wealth.

The tech magnate was moved by the increasing needs and hardship faced around the world and has risen to the occasion by using his assets to make a difference.

The "needs are increasingly urgent", he said on Twitter.

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Mr. Dorsey has indicated that The USA is facing pressing needs.

In the US there is a shortage of ventilators and personal protective equipment, and businesses and individuals are also struggling economically.

Where is the bulk of the funds coming from?

Mr Dorsey will use shares he owns in Square to fund the donations which will be distributed through the Start Small Foundation.

He said he was using shares of Square and not Twitter because he owned "a lot more" of them. The shares will be sold over time, which could impact on their value and the overall size of the donation.

Once the COVID-19 pandemic has been "disarmed", the funds will go toward girls' health and education and research into universal basic income.

In a six-part Twitter thread, Mr. Dorsey said he wanted to donate to causes where he could see an impact in his lifetime.

News sources reports that The donations will be made through a limited liability company and to ensure transparency a link will be posted to a Google Doc which will publicly track the fund's donations.