Chief Executive Officer of Social Media network Twitter Inc. (TWTR) Jack Dorsey has pledged a total of stake worth $1 billion to assist in the fight against coronavirus pandemic.
Dorsey also adds up as the founder and CEO of mobile payment and fintech company Square Inc. (SQ) so he directed that this money will be becoming from his stake in Square.
Using his Twitter account, Dorsey directed that this donation will be injected into his charity fund Start Small LLC. Thereafter the charity fund will give a special attention to universal minimum wages together with health and education of the girl child.
According to Forbes, Dorsey has an estimated net worth of $3.3 billion meaning that he will be dedicating around 30% of his net worth towards fight against coronavirus pandemic which is hitting hard than anyone would have anticipated.
The CEO claims he decided to pledge stake in Square and not that in Twitter because his stake in Square is larger compared to that in the social media network.
Over the past Dorsey has always kept secret information regarding his private charitable organization. He said going forward all donations to and from this charity organization will be made available to the public through a public document.
Dorsey said he will catalyze the process of selling the pledged stock himself.