The TWITTER story: a billion dollars vs. COVID-19

The TWITTER story: a billion dollars vs. COVID-19

More and more billionaires are doing their part on the front line against the global pandemic.

This week, it was the Twitter and Square founder’s time to make a difference. Jack Dorsey wrote in a tweet that he would donate $1 billion to help develop a vaccine, ease the stress and uncertainty and, overall, to fight the effects of Coronavirus. All the money will go through a company called Start Smart. After the virus is gone, he intends to shift the remaining funds to Universal Basic Income (UBI) - a government guarantee for everyone to get the minimal income and "girl's health and education."

The amount represents around 28% of his wealth. The money will come from selling Square shares over time. And to be transparent, he put up a link to a Google doc in which people can follow what happens to the money.

As expected, the market didn’t stand still after the announcement. Shares of Twitter and Square were up 9.8%, and 12.3%, respectively.

As said in the beginning, he is not the first one to donate. Tim Cook, CEO of Apple, said last month that the company would give medical supplies to Italy - one of the most Corona-affected countries.

Facebook founder Mark Zuckerberg pledged $30 million to find a treatment.

Jeff Bezos from Amazon has donated $100 million to food banks in the U.S.

Also, Bill and Melinda Gates pledged billions of dollars via their foundation for developing a possible vaccine against the virus.


Sources: bbc.co.uk, edition.cnn.com, decrypt.com, wsj.com

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