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 DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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