Jack Dorsey has an estimated net worth of $3.3 billion, according to Forbes. Dorsey, who first made his fortune after co-founding social media giant Twitter, recently made headlines after pledging a mammoth $1 billion to help fund coronavirus relief efforts.
"I'm moving $1B of my Square equity... to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl's health and education, and UBI," Dorsey wrote on Twitter.
The tech CEO added that he would "operate transparently," and also linked to a website that would track the contribution. The charity that will receive the money is Smart Small L.L.C.
The large scale of the donation means that Dorsey will be giving just shy of one-third of his net worth.
Dorsey Co-Founded Multiple Tech Companies
Dorsey originally made his start in the tech world with social media platform Twitter, which he co-founded in 2006 along with Ev Williams, Biz Stone, and Noah Glass. The company went public in 2013, instantly making Dorsey a millionaire when shares ended the first day at $44.94.
He remains the second-largest individual owner of Twitter, with an estimated 16.6 million shares.
Though Dorsey is most well known for Twitter, he is also involved with a number of other tech ventures. Chief among them is Square, a popular mobile payments company that he co-founded in 2009. Square boasted $4.71 billion in revenue for 2019 and $3.3 billion in 2018.
The 43-year-old has also invested in a number of other companies, though it is unknown how much -- if any --revenue he receives from them. One example is Lightning Labs, a company that seeks to build a faster and cheaper layer-two bitcoin. As reported by Coin Desk, Dorsey has claimed that he hopes to integrate the two companies so that Square can begin processing bitcoin payments in the future.
In addition to Square and Lightning Labs, rumors have also suggested that Dorsey has made a number of investments in Africa.
The whispers grew louder after Dorsey tweeted that not only was Africa going to "define the future," but also that he was going to move there for a period in 2020.
Dorsey Only Makes $1.40 As CEO Of Twitter
Dorsey operates as Twitter's CEO in addition to owning stock in the company. However, his income from the top job pales in comparison to his stock holdings. According to Business Insider, he was reported to have made just $1.40 in 2018, following the Silicon Valley trend of declining salaries.
Many CEOs do not take salaries to show their faith in the company. Dorsey's symbolic gesture comes at a needed time, as Twitter shares have continued to drop in contrast to the gains seen by other social media companies like Facebook. In fact, a new investor recently attempted to oust Dorsey from his position due to the disappointing numbers, as was previously reported by The Inquisitr.