As of April 6, there are over 1.2 million confirmed cases of the coronavirus globally and more than 337,000 cases in the United States. As the pandemic threatens American lives and wallets, many CEOs are making hefty donations in an effort to stymie the spread of the deadly coronavirus.
Square and Twitter CEO Jack Dorsey announced on April 7 that he's donating $1 billion to relief efforts for the coronavirus and for additional causes once the pandemic ends.
The tech CEO tweeted: "I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI."
Thanking the tech giant, Feeding America released the following statement:
"We are deeply grateful for Jeff Bezos’ generous $100 million contribution to Feeding America’s COVID-19 Response Fund. This donation, the largest single gift in our history, will enable us to provide more food to millions of our neighbors facing hardship during this crisis. Countless lives will be changed because of his generosity."
Many other CEOs have chosen to forgo their salaries, either in an effort to distribute the money to their own employees or to broader charities.
“For a company that’s 92 years old, that’s borne witness to the Great Depression, World War II, and many other economic and global crises, that’s saying something," Sorenson said." I will not be taking any salary for the balance of 2020 and my executive team will be taking a 50% cut in pay."
Yum! Brands YUM also announced that its CEO, David Gibbs, will forego his 2020 salary to give $1,000 bonuses to restaurant general managers.
Some projections see the U.S. unemployment rate surpassing 30 percent.
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