Home / Software & Service News / Jack Dorsey selling 7% of his Square stock, with some proceeds going to fund his foundation

Jack Dorsey selling 7% of his Square stock, with some proceeds going to fund his foundation

Jack Dorsey, interim CEO of Twitter and CEO of Square, goes for a walk on the first day of the annual Allen and Co. media conference in Sun Valley, Idaho July 8, 2015. REUTERS/Mike Blake - RTX1JML5


Square announced on Tuesday that its chief executive Jack Dorsey will be selling approximately 7 percent of his stock over the next 12 months. The move is designed to not for Dorsey’s “financial and tax planning purposes,” but also to invest more into his Start Small Foundation.

Established prior to Square’s IPO, the Start Small Foundation is aimed at investing in artists, musicians, and local businesses in underserved communities around the world. Dorsey has committed to giving a portion of his equity to potential Square customers. As the majority shareholder with more than 71 million shares, or 24.4 percent, he has committed to providing opportunities for the less fortunate, including small businesses.

To date, Dorsey has already given 15 million shares, or 20 percent of his equity, back to the company, and has committed to giving an additional 40 million more shares towards the Start Small Foundation.

Of course announcing that its CEO is giving up shares could cause investors to be wary about what’s going on in the company, the idea that he’s giving the proceeds to the Start Small Foundation could lessen the impact. Shares in the company dropped 2.59 percent for the day and is down 0.50 percent in after-hours.

Click Here For Original Source Of The Article

About Ms. A. C. Kennedy

Ms. A. C. Kennedy
My name is Ms A C Kennedy and I am a Health practitioner and Consultant by day and a serial blogger by night. I luv family, life and learning new things. I especially luv learning how to improve my business. I also luv helping and sharing my information with others. Don't forget to ask me anything!

Check Also

Existing EV batteries could be recharged five times faster

Lithium-ion batteries have massively improved in the last half-decade, but there are still issues. The biggest, especially for EVs, is that charging takes too long to make them as useful as regular cars for highway driving. Researchers from the University of Warwick (WMG) have discovered that we may not need to be so patient, though. They developed a new type of sensor that measures internal battery temperatures and discovered that we can probably recharge them up to five times quicker without overheating problems.

Overcharging a lithium-ion battery anode can lead to lithium buildup, which can break through a battery's separator, create a short-circuit and cause catastrophic failure. That can cause the electrolyte to emit gases and literally blow up the battery, so manufacturers impose strict charging power limits to prevent it.

Those limits are based on hard-to-measure internal temperatures, however, which is where the WMG probe comes in. It's a fiber optic sensor, protected by a chemical layer that can be directly inserted into a lithium-ion cell to give highly precise thermal measurements without affecting its performance.

The team tested the sensor on standard 18650 li-ion cells, used in Tesla's Model S and X, among other EVs. They discovered that they can be charged five times faster than previously thought without damage. Such speeds would reduce battery life, but if used judiciously, the impact would be minimized, said lead researcher Dr. Tazdin Amietszajew.

Faster charging as always comes at the expense of overall battery life but many consumers would welcome the ability to charge a vehicle battery quickly when short journey times are required and then to switch to standard charge periods at other times.

There's still some work to do. While the research showed the li-ion cells can support higher temperatures, EVs and charging systems would have to have "precisely tuned profiles/limits" to prevent problems. It's also not clear how battery makers would install the sensors in the cells.

Nevertheless, it shows a lot of promise for much faster charging speeds in the near future. Even if battery capacities stayed the same, charging in 5 minutes instead of 25 could flip a lot of drivers over to the green side.

Via: Clean Technica

Source: University of Warwick

css.php