On February 29, 2020, it was announced that activist hedge fund Elliott Management led by billionaire Paul Singer was looking to oust Dorsey and nominate four directors to Twitter's board, including Elliott's senior portfolio manager Jesse Cohn. Dorsey received support from entrepreneurs Elon Musk and Ethereum co-founder Vitalik Buterin, among others. The two parties reached an agreement days later, with Dorsey remaining CEO.
In October 2020, Dorsey was one of several tech firm CEOs subpoenaed by the US Senate Commerce Committee. Republican Roger Wicker, who chairs the committee, led the charge to force the CEOs of Twitter, Facebook and Google to testify about the legal immunity the tech platforms receive under Section 230 of the Communications Act of 1934.
In May 2020, Dorsey extended to Square employees the same offer he made to those at Twitter, the option to work from home permanently.
In 2020, Square began withholding for months up to 30 percent of the funds that merchants collected from customers using its Cash App.
On April 7, 2020, Dorsey announced that he will move about $1 billion of his equity in Square, Inc., just under a third of his total wealth, to Start Small, LLC, and to relief programs related to the coronavirus. He committed to funding COVID-19 relief, girls' education and health, and universal basic income. Dorsey has donated $24 million to over 40 different grantees for relief efforts.
In August 2020, Dorsey donated $10 million to Boston University's Center for Antiracist Research, founded by Ibram X. Kendi.