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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.

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