One of the giants of the technology sector vows to commit $225 million to assist in efforts aimed at combating the coronavirus while the rest of Silicon Valley initiates an investment blitz to help in the fight.
Cisco (NASDAQ:CSCO) CEO Chuck Robbins says his company, which focuses on crafting telecommunications equipment and networking hardware, is putting up the massive investment.
The $225 million is in cash, in-kind, and planned-giving to support both the global and local response to COVID-19,” Robbins said.
"As part of our commitment, we are allocating $8 million in cash and $210 million in product to the global coronavirus response. We are focusing these resources on supporting health-care and education, government response and critical technology.
“Part of this will go to the United Nations Foundation’s COVID-19 Solidarity Response Fund, supporting the World Health Organization’s (WHO) worldwide efforts to help prevent, detect, and manage the spread of COVID-19."
The effort comes as Silicon Valley starts to invest into a variety of groups looking to fight the coronavirus.
Robbins recently hosted a call with Silicon Valley business leaders to discuss ways they can use their money and vast resources to help fend off the coronavirus.
CEOs and executives from Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL) the National Football League’s San Francisco 49ers, Twitter (NYSEZ:TWTR), Netflix (NASDAQ:NFLX), Alphabet (NASDAQ:GOOGL) and Salesforce (NYSE:SRM) were invited to take part.
CSCO shares lost $1.45, o4 4.7%, early Monday morning to $34.15
