Jack Dorsey, CEO and co-founder of Twitter, announced Tuesday that bidding on the first tweet ever sent will end on March 21, and that he will accept the winning bid, donating the proceeds to charity.
Bidding on the tweet has sat at $2.5 million since March 6. The bid is from Sina Estavi, the CEO of Tron's oracle network, Bridge. The prior high bid was $2 million from Tron founder Justin Sun.
GiveDirectly is a non-profit organization that specializes in giving direct cash transfers to low-income people, without strings attached. "Africa response" in Dorsey's tweet likely refers to its "COVID-19 Africa Response" campaign. That program is just under $5 million short of its goal. Even if sold at the current bid it would almost be enough to close that gap.
GiveDirectly was early to accepting donations in cryptocurrency. "We've accepted crypto for a while, and think there's some philosophical similarity (e.g., focus on efficiency of payments, especially through tech, individual empowerment, etc.) which has persuaded a number of folks to give directly," Michael Faye, the organization's president, told CoinDesk in a February email.
The pace of crypto donations has accelerated. As of mid-February, GiveDirectly had received more than $20 million worth of crypto donations, with $5 million from the Pineapple Fund in 2017, more than $5 million across two separate gifts from Ethereum founder Vitalik Buterin and $10 million from an anonymous donor.
A spokesperson for Twitter declined to provide further comment. GiveDirectly was not immediately available for a comment on Dorsey's pledge.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.