The co-founder and CEO of Twitter has announced in a tweet that it will transfer ownership of 19,833,400 Square shares, worth approximately 1 billion, to StartSmall LLC to finance the fight against COVID-19. This is approximately 28% of your total assets.
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 am transferring $ 1B of my Square estate (~ 28% of my wealth) to #startsmall LLC to fund COVID-19 global relief. After disarming this pandemic, the focus will be on girls' health and education, and UBI. It will work transparently, all flows can be tracked here. "
It also linked a google spreadsheet with the monitoring data of this donation.
Dorsey is also a co-founder and CEO of Square, a company that deals with online payments and that is involved in the cryptocurrency industry with the draft Square Crypto.
Square Inc. currently has a market capitalization of approximately $ 29 billion, so the donation will cover approximately 3.5% of total market capitalization.
This is one of the largest single person donations in the world to fight the Covid-19 coronavirus, and Dorsey explains the matter in other tweets.
Dorsey wrote that the situation is becoming more urgent in this regard, and she wants to see the impact of donations throughout her life, hoping that this gesture will push other people to do something similar.
The reason he chose Square's shares, not Twitter's, would lie in the fact that Dorsey owns many more.
The Twitter founder also explained the choice of the StartSmall Foundation, making it possible for grants to be disbursed directly to recipient organizations, and all transfers, sales, and grants will be made public on Google's tracking spreadsheet.
Dorsey motivated UBI's choice and girls' health and education, saying she believes they represent the best long-term solutions to the problems facing the world.