Twitter Inc and Square Inc CEO Jack Dorsey on Tuesday pledged a cool $1 billion of his shareholding in Square, the payments processor that he co-founded and heads up, in order to help fund relief efforts related to the COVID-19 pandemic raging around the world.
In a series of tweets, Dorsey said the amount, which represents about 28% of his total net worth, will be donated to his charity fund, Start Small LLC, which would later focus its attention to universal basic income (UBI) and girls’ health and education.
The percentage of his total wealth the serial founder and CEO has effectively gifted is significant. Mr Dorsey, has for years kept details of his charitable efforts private, stated that all donations to and from the fund would now be visible to the public at all times through a public document.
Dorsey, whose net worth is estimated at $3.3 billion, making him a UHNWI, is 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, which will help maintain the value.
The US has so far recorded more than 380,000 coronavirus cases, with the total death toll rising to 12,300. The numbers continue to grow.