- Twitter CEO Jack Dorsey announced that he is founding a new charity fund that will initially focus on coronavirus relief efforts.
- Jack said that he is donating $1 billion — that’s about 28% of his total wealth to the charity fund.
- After the coronavirus crisis is over, Start Small LLC will shift its focus to funding girls’ health and education, as well as universal basic income, a regular cash payment made to citizens by the government.
Billionaire Jack Dorsey announced on Twitter that he is donating a substantial amount to help fight the coronavirus pandemic.
Jack Dorsey is the CEO of both Twitter and Square.
He created a new charity fund named Start Small LLC that will be backed by $1 billion in his Square equity — that’s about 28% of his total wealth.
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
Jack added that when the coronavirus crisis has ended, the charity fund will shift its focus to funding girls’ health and education and universal basic income — a regular cash payment made to citizens by the government.
In a follow-up tweet, he said: “Why UBI and girl’s health and education? I believe they 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.”
The CEO said that “having a separate LLC allows for some flexibility and specifically dedicates his shares to causes.”
“Suggestions welcome. Drop your cash app ;)” Dorsey tweeted.
Jack said that he wants all transactions made by the fund to be in a public spreadsheet, starting with the $100,000 he donated to America’s Food Fund.
He added that “Start Small is funded by Square equity because he owns more shares, and he’ll need to pace sales of the shares over time.”
Start Small has been created now because “the needs are increasingly urgent” and he said he wants “to see the impact in my lifetime.”
“I hope this inspires others to do something similar,” Jack said. “Life is too short, so let’s do everything we can today to help people now.”