12 Apr

The Sharing Economy

By Phadria Prendergast

Although it’s a difficult time for us all, with many forced to lay-off staff members and even file for administration - we have found some incredibly inspirational leaders who are fighting to ensure that this crisis will not affect their staff and local communities, nor will it affect the world at large. This is truly compassion in the midst of chaos.

With 100’s of companies giving back in ways that are unique to them and their city, this list focuses on the cash donations and pledges from what we call the sharing economy.

It was important for us to separate the cash donations and pledges from the good deeds, as we found that in crisis some brands can use this to throw in a few PR tricks! Nevertheless, here is a list of our superheroes who have donated close to £2BN to help millions of those affected by the pandemic.

Jack Dorsey

On 7th April 2020, the co-founder and CEO of Twitter stated via his Twitter account “I’m moving $1B of my Square equity (28% of my wealth) to Start Small LLC to fund global COVID-19 relief”. He has allowed complete transparency of the flow of the donated funds – something WOTC absolutely love as we believe that transparency is very much needed during this time. Dorsey also hinted towards making further donations once the virus had been defused. “After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI”.

Alan Jope, Unilever

Unilever has given €100 million to the consumers and communities who have been affected by the virus around the world. To their customers and suppliers, they will offer €500 million of cash flow relief through early payments and the extension of credit. They will also protect their employees and contractors from pay cuts for up to three months - whether they work full-time or part-time.

Scott Schenkel, eBay

eBay have launched a program specially designed to assist retailers who do not have an e-commerce presence, to begin selling online. They have pledged an amount of $100 million in support. eBay stated via their Twitter account “Local businesses power eBay. So now we’re doing our part to help stores like Time Warp Boutique stay open — even if their doors are closed”. We are in huge support of this opportunity that eBay has created, especially as we are in the digital age.

Mark Zuckerberg

The CEO of Facebook has created a Small Business Grants programme designed to financially support small businesses during this time. $100 million is being offered in cash grants and ad credits to help the business and its employees, assist with the cost of rent, reach more customers and take care of working costs. Zuckerberg and his wife Dr Priscilla Chan have also given $25 Million towards the Bill & Melinda Gates Foundation, through the Chan-Zuckerberg Initiative. The Bill & Melinda Gates Foundation have created a research project called the Covid-19 Therapeutics Accelerator with the purpose of carrying out research to establish whether any drugs that already exists, can be used to treat COVID-19. Facebook currently has its 45,000 employees working from home in which Zuckerberg has vowed that, even for those who are not able to fulfil their jobs from home, will still get paid in full. Zuckerberg believes many companies can afford to take care of their employees and wants to be the example that many other companies follow.

Jeff Bezos

The world’s richest man has created and contributed $25 million towards a fund dedicated to supporting Amazon’s US based delivery workers who are employed by delivery service providers. He has also made it possible for the general public to also make donations to the fund – something many are unhappy about, but we love this idea. During this time, many of us may want to give but we don’t know how, this is a great opportunity to do so. Additionally, Amazon aim to hire 100,000 additional employees opening the opportunity for many to work.

Phil Knight, Nike

Nike, who have made a number of donations towards tackling COVID-19, are currently above the $17 million giving mark. Co-founder Phil Knight, chairman Mark Parker and president and CEO John Donahoe personally donated a collective amount of $10 million. Ahead of the pandemic hitting many countries outside of China, Nike had already donated over $1 million to a Youth Development Foundation in China. Their donations since then have largely gone towards helping local businesses with any urgent needs such as medical assistance or food. Nike are especially attentive to the areas and communities in which their employees live and work in.

Ralph Lauren

Ralph Lauren will be giving up his $11 million wage for his store-based employees who were furloughed. Ralph will sacrifice his salary for 2021 and any bonuses from 2020. On 8th April 2020, his self-named luxury brand Ralph Lauren, tweeted “to help protect those working on the front lines, we have transformed part of our supply chain to manufacture 250,000 machine-washable masks and 25,000 isolation gowns. We will start delivering these masks and gowns this week”.

John Demsey, MAC Cosmetics

The leading beauty brand will dedicate $10 million towards 250 frontline organisations worldwide through their VIVA GLAM campaign. The campaign will help with the delivery of necessities. Every Viva Glam lipstick sold in the UK and Ireland; 100 percent of their value goes towards good causes around the world.

Remo Ruffini, Moncler

Moncler donated €10.9 million towards the building of a hospital in Lombardy, Italy – a region in much need of help. The exhibition hub turned hospital was designed in just 10 days, specifically to treat those suffering from the virus and to support the overcrowded healthcare system. It’s expected that there will be 500 nurses and 200 medical professionals available to treat patients.

`Diego Della Valle Credit: Shutterstock`

Diego Della Valle, The Della Valle Family

The owners of the luxury Italian brand, Tod’s have given €5 million to support the families of any healthcare professionals who have passed due to fighting Coronavirus. Diego and his brother Andrea – the vice chairman will also sacrifice their wages for the rest of 2020 equivalent to a combined amount of $3.1 million.

Honourable mentions

Sara Blakely

Blakely has pledged to give $5 million towards the support to small businesses owned and run by women. The $5 million fund will make available a total of 1000 grants at the amount of $5,000 each. Alongside the grant, each woman will also be given a ‘lucky’ red backpack – like the one Blakely often references when explaining how she first started her company, Spanx. They will also receive free access to the online learning platform, MasterClass for a 12-month period. Blakely wants her giving, not only to be a financial opportunity one that helps women to receive guidance during this time.

Chiara Ferrangi

Chiara, an influencer with less access than a global brand or company for example, has raised over €3 million alongside her husband Fedez to assist with the Coronavirus pandemic. Chiara and her husband also gave a personal donation of €100,000 to help fund new hospital beds in the intensive care unit of an Italian based hospital.

Donatella Versace

Donatella who is the chief creative officer at Versace, alongside her daughter Allegra Versace Beck have made a personal donation of $200,000 to the intensive care department of Milan’s San Raffaele hospital. Donatella believes that this time is a key opportunity for society to stand together and be compassionate towards one another. We couldn’t agree more.

Huda Kattan

The influencer, CEO and founder of billionaire dollar beauty empire Huda Beauty, has stated that she will go without her salary for the rest of the year in order to protect her 267 employees – who Huda deems as ‘the heart of her business’. Family members of Huda, who are also part of the business including her sisters Mona – the Huda Beauty co-founder and Alya – the CIO, will also sacrifice their wages.

Miuccia Prada, Prada

Co-CEO’s Miuccia Prada and Patrizio Bertelli, together with chairman Carlo Mazzi assisted with the treatment of numerous patients suffering from Coronavirus by donating six intensive care and resuscitation units to three of Milan’s largest hospitals. The company has also temporarily converted its Italy-based factory and will supply 80,000 medical overalls and 110,000 masks to healthcare professionals.

The total cash amount donated by the sharing economy is an amazing

£1,509,520,284.96

We look forward to seeing more brands and companies get involved.

Guest User

The Sharing Economy

Honourable mentions

£1,509,520,284.96

WOTC Magazine