Jack Dorsey, twitter and square co-founder and CEO have made a bold move to help COVID-19 relief efforts.
The 43-year-old announced on his Twitter to pledge $1 billion worth of his shares of Square to support the relief efforts.
According to him, the $1 billion donated is equivalent to almost 28% of Dorsey’s life earnings.
If the $1 billion donated is no longer in use for fighting COVID-19 pandemic, the money would be directed to supporting girls’ health and education and achieving universal basic income.
At the time when this donation was made, it is equal to approximately 28% of Jack Dorsey's net worth.
Even with the huge sum pledged to help others, this might not be the last time welfare of others will be promoted through the generous donation of money by Dorsey.
He has however planned to give away all of his earnings within his lifetime.
Dorsey told Andrew Yang on an episode of the “Yang Speaks” podcast that he wants to make sure that he is doing whatever he can in his lifetime to help through his companies’ works, through his giving.
He added that he is so grateful, but that part of gratitude is not just saying he is grateful, rather, it is him doing.
Jack Dorsey imagines playing his part by donating money, he told Yang he wants to give out all his money in his lifetime.
He wants to see the impacts, selfishly, in his lifetime.
Jack Dorsey, the Twitter CEO did not just announce the donation claim to the masses.
He has however ensured that the 1$ donated can be tracked publicly through a Google document.
Out of the $1 billion donated by Dorsey, $200 million has been set aside as cash for dispersal.
The remaining grows, the $1 billion investment has already reached a value of $1.5 billion as with the stock price.
There is another reason behind the uncommon way of charity employed by Dorsey.
He did not want to begin a foundation and pay the attached overhead expenses involved with running an organization.
Alternatively, the charity amount has grown through stocks since the allocation and by the middle of the week, Dorsey had given over $85 million already.
The disbursement is very effective and rapid.
Jack Dorsey relates the donations with his work on the microblogging platform in the podcast.
He said when something like a Twitter or Square is built, seeing someone else use it is actually the greatest value.
He added that this is what drives them, there is an electric feeling.
He further explained that the electricity that he feels in those moments is the same that he is feeling right now when he gives and when he knows that these organizations that they are giving to are focused on real impact and doing things that are greater than all of us and especially him.
It is not surprising to see billionaires donating huge chunks of their wealth to assist several sections of the global population.
It is hard to keep insight into what it means due to the fact that it is done regularly.
But to have an insight into what these donations mean, it can be thought about in a way that a 43-year-old man has just given away $1 billion of his wealth to help his fellow humans.
$1 can feed a hundred million homeless people with a $10 meal straight up.
Although a huge bank balance is still left with him, the gesture of kindness shown is not easy and should certainly not be expected from everyone.
A special mental process must have taken place in one’s brain before something huge as this can be done.
The real-life impact is, of course, incapable of being fully explored or understood and those who can see it, are probably the ones worthy of controlling this amount of wealth.
Dorsey is not as wealthy as Facebook CEO Mark Zuckerberg, and Amazon CEO Jeff Bezos and Microsoft co-founder Bill Gates.
This is why his philanthropic quest needs to be appreciated. Isn't it?
https://www.alliancemagazine.org/blog/twitter-founder-jack-dorsey-pledges-1-billion-to-fight-covid-19/
https://www.indiatimes.com/technology/news/twitter-ceo-jack-dorseys-1-billion-to-fight-covid-19-is-making-a-difference-513938.html