Twitter Inc Chief Executive Officer Jack Dorsey on Tuesday pledged $1 billion (approx. Ksh.100 billion) of his stake in Square Inc, the payments processor that he co-founded and heads, to help fund relief efforts related to the coronavirus pandemic.
In a series of tweets, Dorsey said the amount, representing about 28% of his wealth, will be donated to his charity fund, Start Small LLC, which would later focus its attention to universal basic income and girls’ health and education.
Dorsey, whose net worth is estimated at $3.3 billion (approx. Ksh.300 billion) by Forbes, also said that he was pledging his stake in Square instead of Twitter because he owns a bigger portion of the payments processor.
He also said that he would pace the sale of the pledged shares over time.
The United States has recorded more than 380,000 coronavirus cases, with the total death toll rising to about 12,300.