Jack Dorsey Gives Away $1 Billion – 28% Of His Wealth To Help Fight Coronavirus
With the global crisis in the middle of which we are, wealthy people all over the world in all kinds of industries have been trying to help out and they’ve been donating significant amounts of money in this fight that the humanity is taking against the novel coronavirus.
The world is under attack by this pandemic, and healthcare systems, along with global economies, are shaken every day.
It’s been revealed that during these hard times, Bitcoin and the crypto industry will shine the most and show its true benefits for humanity.
Jack Dorsey is giving away $1 billion
It’s been revealed that Jack Dorsey, CEO of Twitter and Square, just said that he’s giving away $1 billion or 28% of his wealth to help fight coronavirus pandemic and more causes.
The money comes from his stakes in payments giant Square and will be managed by Start Small LLC charitable foundation. The plan is to first focus on fighting COVID-19.
After the pandemic is over, the fund will then be dedicated to universal basic income (UBI) and to support the health and education of girls, according to the latest data coming from the online publication the Daily Hodl.
Dorsey sources the funds from Square shares
Dorsey explained that he’s sourcing the funds from his shares in Square, and not Twitter. The reason is simple – he has more stocks in the payment processing firm.
I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: https://t.co/hVkUczDQmz
— jack (@jack) April 7, 2020
“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,” he explained.
He continued and revealed the reasons for which he chose to support these causes: “I believe they represent the best long-term solutions to the existential problems facing the world. UBI is a great idea needing experimentation. Girl’s health and education is critical to balance.”
At the moment of writing this article, there are almost 1,5 million cases of infected people all over the world (active and cured) and in the US, more Ethan 430k people have already been diagnosed with the disease.
Co-founder and CEO of Twitter and Square, Dorsey has been an advocate for Bitcoin since the early days. Having launched a crypto division of Square early this year (called Cash App - which helps newcomers buy Bitcoin), Dorsey is now making plans to lead the way to mass BTC adoption in Africa.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.