| Intro | Deputy Executive Director and Assistant Secretary-General for the UN-Habitat |
| Is | Politician |
| From | Rwanda |
| Type | Politics |
| Gender | female |
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$1 Billion Donation
Up until April 2020, Jack owned roughly 60 million shares of mobile payments company Square. In April 2020, those 60 million shares were worth $3.6 billion. In April 2020 Jack announced he was moving $1 billion worth of those shares into an LLC he launched called Start Small which he said would focus on COVID-19 relief, women’s health, education and Universal Basic Income. At the time, that $1 billion represented 28% of his total wealth, which meant he had previously been worth $3.57 billion the day before he made the announcement. At the same point his Twitter shares were worth “just” $530 million at that time.
That imbalance in wealth has caused Jack to receive criticism from Twitter investors who don’t think he spends enough time actually performing the job of CEO. He is reportedly not a regular presence at Twitter’s main corporate headquarters in San Francisco. That absence was especially true in 2019 when he made it a goal to visit at least 30 of Twitter’s global offices while also spending 10-days at a silent mediation retreat in Myanmar.
On April 7, 2020, Jack made the following announcement (via Twitter, obviously): “I’m moving $1 billion of my Square equity (around 28% of my wealth) to #startsmall LLC to find global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education and UBI [Universal Basic Income]. It will operate transparently…“
With the announcement he immediately made a $100,000 donation to America’s Food Fund.
By December 2020 Start Small had already given away $274 million and still held 15.2 million shares of Square. At that time, those 15.2 million shares were worth $3.12 billion, so the value of his donation had actually tripled!
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