Guide to Giving
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  |  Finance, Philanthropy

Twitter Founder’s Massive Charity Gift


Tuesday, 27th October 2015 at 10:54 am
Xavier Smerdon, Journalist
The founder and CEO of social network giant Twitter, Jack Dorsey, has announced that he will be giving 20 per cent of the shares in one of his companies to charity.

Tuesday, 27th October 2015
at 10:54 am
Xavier Smerdon, Journalist


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Twitter Founder’s Massive Charity Gift
Tuesday, 27th October 2015 at 10:54 am

The founder and CEO of social network giant Twitter, Jack Dorsey, has announced that he will be giving 20 per cent of the shares in one of his companies to charity.

While filing his rapidly growing financial services business, Square Inc, for listing on the New York Stock Exchange, Dorsey said that a large portion of shares in the company would be given to a foundation that he established.

Rather than issue a media release it was public documents that revealed Dorsey had founded the Start Small Foundation and that he would be using the expanding value of Square Inc to help fund it.

Dorsey said in the documents that the opportunity to give back to the community was important to him.

“I believe so much in the potential of this company to drive positive impact in my lifetime that over the past two years I have given over 15 million shares, or 20 per cent of my own equity, back to both Square and the Start Small Foundation, a new organisation I created to meaningfully invest in the folks who inspire us: artists, musicians, and local businesses, with a special focus on underserved communities around the world,” Dorsey said.

“I have also committed to give 40 million more of my shares, an additional 10 per cent of the company, to invest in this cause.

“I’d rather have a smaller part of something big than a bigger part of something small.”

While little is known about the exact work that the Start Small Foundation will do, Dorsey used the platform that he founded to say that it would start work in Ferguson, Missouri.

It was in Ferguson that unarmed black teenager Michael Brown was shot and killed by a white police officer in 2014, sparking protests, riots and a broader conversation about racism in America.

Forbes estimates Dorsey to be worth more than $US2.3 billion. Since founding Square Inc in 2010, the business has been valued at $3.2 billion.


Xavier Smerdon  |  Journalist |  @XavierSmerdon

Xavier Smerdon is a journalist specialising in the Not for Profit sector. He writes breaking and investigative news articles.

Guide to Giving

FEATURED SUPPLIERS


HLB Mann Judd is a specialist Accounting and Advisory firm t...

HLB Mann Judd

...


NGO Recruitment is Australia’s not-for-profit sector recru...

NGO Recruitment

Brennan IT helps not-for-profit (NFP) organisations drive gr...

Brennan IT

More Suppliers

Get more stories like this

FREE SOCIAL
SECTOR NEWS

YOU MAY ALSO LIKE

$2 Million Grant Helps Give Australians in Need A Fair Go

Wendy Williams

Thursday, 21st September 2017 at 8:35 am

Volunteering Tasmania Forced to Close Launceston Office

Luke Michael

Thursday, 21st September 2017 at 8:25 am

Future Uncertain for Disability Organisations Following Funding Cuts

Wendy Williams

Tuesday, 19th September 2017 at 8:29 am

Australia Launches its First Live Impact Investing Database

Luke Michael

Monday, 18th September 2017 at 5:12 pm

POPULAR

Moves to Stop Volunteering at Overseas Orphanages

Luke Michael

Wednesday, 13th September 2017 at 1:54 pm

Future Uncertain for Disability Organisations Following Funding Cuts

Wendy Williams

Tuesday, 19th September 2017 at 8:29 am

Majority of NFPs Are Not Believed to be Well-Run, According to New Survey

Luke Michael

Tuesday, 12th September 2017 at 4:14 pm

More Australians Are Giving Time Not Money

Wendy Williams

Monday, 11th September 2017 at 5:07 pm

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


Guide to Giving
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!