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April 7, 2020 10:03 pm

Twitter CEO Jack Dorsey Sets Aside $1 Billion In Square Equity For Coronavirus Relief

An anonymous reader quotes a report from CNBC: Square and Twitter CEO Jack Dorsey said Tuesday he will set aside $1 billion in his Square equity to support relief efforts for COVID-19 and other causes once the pandemic is over. In a series of tweets, Dorsey said that after the pandemic is over, he will dedicate the money to causes like universal basic income (UBI) and girls' health and education. He said he's pulling the shares from his stake in Square instead of Twitter because he own more stock in the Square. Dorsey said he'll cash in the shares over 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," Dorsey said on Twitter. Dorsey said that he wants to see the impact of his donation during his lifetime, and that "the needs are increasingly urgent." He also said he hopes it will inspire others to "do something similar." Dorsey also tweeted a link to a public Google Doc where people can track which organizations the fund's money will go to. Dorsey isn't the only technologist to support relief efforts for COVID-19. Yesterday, Microsoft co-founder Bill Gates said his foundation will spend billions of dollars on coronavirus vaccine development. Amazon's Jeff Bezos said he's donating $100 million to U.S. food banks. And Facebook CEO Mark Zuckerberg and his wife Priscilla Chan donated $25 million toward creating treatments for coronavirus through their philanthropic organization.

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