Jack Dorsey pledges $1 billion in Square stock to coronavirus pandemic relief

Jack Dorsey, co-founder of Twitter Inc. TWTR, +2.72% and founder of Square Inc. SQ, -0.21% and chiefg executive of both, said late Tuesday he was donating more than a quarter of his wealth for COVID-19 relief efforts. Dorsey, on his Twitter feed, said he was moving $1 billion of his Square shares, or about 28% of his net worth, to Start Small LLC for pandemic relief. Dorsey said “after we disarm this pandemic,” the foundation will focus on girl’s health and education, and universal basic income, with fund flows to be tracked in a Google docs spreadsheet. Square shares have fallen nearly 20% year-to-date, while the tech-heavy Nasdaq Composite Index COMP, -0.32% has declined 12%.

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