In a post uploaded to Instagram and Twitter earlier this week, Cyrus wrote, “Nothing is more important than investing in yourself. I want to spread ownership to as many people as I can, so I’m teaming up with @CashApp to give out $1 MILLION in stocks.” According to the announcement, the significant sum of money being transferred makes the 28-year-old singer/songwriter the first person in history to instantly give away such a high volume of shares en masse.
In order to participate, fans can comment on their favorite companies alongside their $cashtag (a unique identifier for users of Cash App) for a chance to win publicly traded stocks. Winners will be selected randomly and will receive fractional stocks of publicly traded companies through Cash App. The campaign will run from March 31st to April 13th or until the entirety of the million dollars is distributed.
Overall, the impact is twofold: the partnership allows Cyrus to empower her fan base while reinforcing Cash App’s mission to make finance more accessible.