Jack Dorsey pledges to donate $1 billion to fight against coronavirus pandemic. Even many other CEOs are coming forward and announcing their contribution to the world. Promising no layoffs, taking pay cuts, donation, meal supplies are some of the ways by which they are helping.
Jack Dorsey, CEO of Twitter and Square, is an iconic billionaire. He tweeted to move $1 billion of Square equity around 28% of his wealth to start small LLC. Indeed, use of these funds will be to fight against coronavirus. After this pandemic, the focus will shift to girl’s education and health. Dorsey holds a higher percentage of equity in Square as compare to a 2% stake in Twitter.
Undoubtedly, differences between the rich and poor are on the rise over the last few decades. However, many high net worth individuals are acting in self-serving means. CEO’s and many businesspersons are taking various projects under Corporate Social Responsibility (CSR). With these CSR responsibilities, they help in improving social conditions for their staff, employees, stakeholders, and nation. CSR activities are the result of the increasing influence of social media and growing public interest.
Also, Jack Dorsey shared an information document regarding the utilization of the funds. It is an unusual step taken by multi-billionaire to increase transparency. The grant was given to Start Small Limited Liability Company (LLC). It provides food to people who are underprivileged due to the outbreak of coronavirus pandemic.
Further, around the world, various management executives, Chiefs, and business-owners have come-up. They all want to donate and support the needy in the fight against coronavirus.