Joining the global bandwagon against coronavirus pandemic, TikTok on Thursday announced slew of relief funds and initiatives. The popular short video app, which is owned by bytedance, announced a total package of $ 375 Mn.
Out of these $375 Mn, $250 will be for relief fund and the rest $125 Mn will be devoted to ad credits. Below is the complete breakdown of this fund.
$250 Mn will be dedicated to a special fund that will be duly spit in three different relief funds. Health Hero Relief Fund ($150 Mn) will be mainly catering to medical staff & health care workers. The second relief fund is the Community Relief Fund (40 Mn) that will provide financial assistance to organizations focusing on helping communities that have been affected most severely by the ongoing pandemic. The company will be adding another $10 Mn donation to this fund. The third and final relief fund compromising of $50 Mn will be dedicated for distance learning initiatives.
On the ad credit front, TikTok will be pledging $25 Mn credit to the ad space to assist NGOs and health authorities in spreading accurate and reliable information pertaining to coronavirus.
Lastly, a total $ 100 Mn will be channelized towards ad credits to help small and medium-sized players as they have been severely hit by the Covid 19 crisis.
TikTok said that these initiatives will be launched globally in the coming months but did provide any exact timeframe.
TikTok is far from being the only major tech company to announce relief fund & ad credits for fighting the current coronavirus. In fact, the Chinese internet major has been a bit late in joining the global corporate cause to fight the pandemic crisis. Almost all big tech companies including Google, Facebook and Apple have already announced several initiatives to stem of the present crisis.
Barely 48 hours ago, Jack Dorsey – Ceo of Twitter and Square – pledged $1 Bn of equity in fight against Covid 19 crisis.