Twitter CEO to Donate $1 Billion Worth of Shares for COVID-19 Response

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Jack Dorsey, CEO of social networking service (SNS) Twitter and electronic payment technology company Square, has decided to donate approximately $1 billion (about 1.2 trillion KRW) worth of shares as funding to respond to the COVID-19 pandemic.

According to CNBC and other sources on the 7th (local time), CEO Dorsey announced through his Twitter account that he would donate $1 billion worth of Square shares to the charitable foundation Start Small LLC. This amount corresponds to 28% of CEO Dorsey’s wealth. CEO Dorsey said, "This is to help relief efforts related to COVID-19," and added, "After the global pandemic of COVID-19 is resolved, the focus of activities will shift to adolescent female health and education, and universal basic income (UBI)."

CEO Dorsey also revealed that although he had not previously disclosed details of his charitable activities, he plans to transparently reveal all activities through official documents going forward. He expressed hope that his donation would have a positive impact on someone and added that he wishes others would be inspired by this to "do something similar."

Co-founder of Twitter, CEO Dorsey has also served as CEO of Square, which he founded in 2009. Start Small LLC is also a foundation created and operated by CEO Dorsey.

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