Coronavirus

Jack Dorsey Designates $1B In Square Equity To COVID-19 Relief

Square Co-Founder Jack Dorsey Launches Initiative To Help Refugee Businesses

Square and Twitter CEO Jack Dorsey said he will donate 28 percent of his wealth to help fund coronavirus relief, according to a report by CNBC.

Dorsey will contribute $1 billion in Square equity.

“After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI,” Dorsey tweeted referencing universal basic income.

“The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve,” he said in a separate tweet.

Square’s stock closed at $50.30 on Tuesday, marking a 0.24 percent dip from Monday (April 6), according to Yahoo Finance.

Dorsey’s donation makes him the latest high-profile executive to contribute to the fight in what President Donald Trump has called an invisible enemy.

Last week, Amazon CEO Jeff Bezos pledged $100 million to Feeding America for the COVID-19 Response Fund to help feed unemployed Americans. The donation represented the largest gift the nonprofit has received from an individual since it was founded in 1979.

In March, Mark Zuckerberg, Facebook’s co-founder, and his wife, Priscilla Chan, donated $25 million to finding a coronavirus treatment, according to CNET.

On Friday, Bill Gates, Microsoft co-founder, told The Wall Street Journal he would spend billions of dollars to create factories for developing a vaccine.

In a follow-up tweet, Dorsey said: “Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime. I hope this inspires others to do something similar. Life is too short, so let’s do everything we can today to help people now.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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