Twitter CEO Jack Dorsey To Donate $3M For Advancement Of Black And Brown Communities

Twitter Inc. TWTR CEO Jack Dorsey is giving $3 million to NFL player Colin Kaepernick’s Know Your Rights Camp organization.

What Happened

Dorsey, who is the chief executive of both Twitter and Square SQ, a mobile payment and merchant aggregator firm, took to Twitter on Wednesday to announce the donation. 

Why It Matters

Price action

The donation was made after George Floyd, a 46-year old African-American killed by a white police officer in Minneapolis. The killing led to protests across the United States, reported CNBC.

Know Your Rights Camp is a legal defense initiative run by Kaepernick, former quarterback for the San Francisco 49ers. The NFL Player is known to have kneeled during a rendition of the national anthem as a mark of protest against police killings of black people.

Dorsey has joined others such as Alphabet Inc. GOOGL GOOG CEO Sundar Pichai, who announced that Google is donating $12 million for organizations that work for racial equity. 

Late last month, President Donald Trump’s tweets calling for action against protestors were labeled as “glorifying violence” by Twitter. Dorsey was informed beforehand.

The president retaliated by signing an executive order that ends social media’s legal immunity and accused Twitter of targeting “Republicans, Conservatives & the President of the United States.”

Elliott Management, a hedge fund, had called for the ouster of Dorsey as CEO but agreed to let him stay on in return for securing seats on Twitter’s board.

Twitter shares traded 0.17% higher at $34.94 in the after-hours session on Wednesday. The shares had closed the regular session 8.10% higher at $34.88.