Published 09:41 IST, April 8th 2020
BIG: Twitter CEO Jack Dorsey to deploy $1 Billion for COVID-19 fight - 28% of his fortune
Jack Dorsey's pledge will focus on Universal Basic Income and girls education since he believes the two subjects will be the most important in the future
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Jack Dorsey, founder and CEO of Twitter, has announced that he will be deploying the equivalent of $1 billion to assist the relief measures to combat coronavirus. He announced the donation via a new venture on Monday evening.
Dorsey makes a big donation
I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: https://t.co/hVkUczDQmz
— jack (@jack) April 7, 2020
Dorsey is setting aside $1 billion in stock to establish a philanthropic venture focused initially on global relief efforts for the COVID-19 pandemic. Dorsey, who is also CEO of the financial-payments startup Square, will bequeath the new venture shares from his Square holdings.
Dorsey announced the new venture, called Start Small, in a series of tweets, and said the contribution amounts to 28% of his fortune. The organization will disclose all transfers, sales and grants on a public Google Doc spreadsheet.
Why is #startsmall a LLC? This segments and dedicates my shares to these causes, and provides flexibility. Grants will be made from Start Small Foundation or the LLC directly based on the beneficiary org. All transfers, sales, and grants will be made public in tracking sheet.
— jack (@jack) April 7, 2020
Start Small won’t be limited to COVID-19 work. “Once we have disarmed this pandemic,” he wrote, the organization will shift its focus to girls’ health and research into universal basic income, the idea that governments should guarantee a minimum income for all citizens.
Why the transparency? It’s important to show my work so I and others can learn. I’ve discovered and funded ($40mm) many orgs with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public. Suggestions welcome. Drop your cash app ;)
— jack (@jack) April 7, 2020
Justifying his donation towards girls' education and Universal Basic Income (UBI), he said that he believes the two "represent the best long-term solutions to the existential problems facing the world. UBI is a great idea needing experimentation. Girl’s health and education is critical to balance."
Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime. I hope this inspires others to do something similar. Life is too short, so let’s do everything we can today to help people now. ✌🏼
— jack (@jack) April 7, 2020
He also stated that he was making his donation via Square and Twitter because he owned "a lot more" of Square and would "need to pace the sales over some time. The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve."
09:41 IST, April 8th 2020