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
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
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.
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.
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."
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."
Updated 09:41 IST, April 8th 2020