Jack Dorsey, who is also CEO of mobile payment services Square and Twitter, said he would cash in $1 billion of Square shares to support relief efforts in the new coronavirus outbreak, while the rest of the money will be used to fund other causes after the outbreak is over,media reported.
Dorsey posted a series of Twitter messages saying he would donate money to ubiaan and girls’ health and education after the new corona virus pandemic. He said he cashed in Square shares instead of Twitter because he held more Square shares. Mr Dorsey said he would gradually cash in the stock.
“In the long run, the impact of this money should benefit (Square and Twitter) because it will help the people we want to serve.” Dorsey wrote in a Twitter message.
Dorsey also attached a link to the Twitter message to make public Google Doc files for people to track which organizations the donations went to.
It comes after Amazon founder Jeff Bezos said he would donate $100m to a U.S. food bank to help with the new coronavirus outbreak. Facebook CEO Mark Zuckerberg and Priscilla Chan have donated $25 million through their charity, The Zuckerberg Initiative, to develop new coronavirus therapies. The Bill Gates Foundation has said it will invest billions of dollars to fight the new virus, according tomedia.