Jack Dorsey, CEO of Twitter and Square, says he’s is giving away $1 billion, or 28% of his wealth, to help fight the coronavirus pandemic and support other causes.
The money will come from the 43-year-old’s stakes in payments giant Square, and will be managed by Start Small LLC charitable foundation. The plan is to first focus on fighting Covid-19. Once the pandemic is over, the fund will be dedicated to universal basic income (UBI) and to support the health and education of girls.
Dorsey explains that he’s sourcing the funds from his shares in Square, and not Twitter, because he has more stocks in the payment processing firm.
“I own a lot more Square. And I’ll 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.”
Dorsey also shares why he chose to support these particular causes.
“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 billionaire says he hopes his decision will create a ripple effect that will encourage others to take similar charitable actions.
“Life is too short, so let’s do everything we can today to help people now.”
Dorsey is tracking his donations on a public Google spreadsheet. He says transparency is key.
“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 ;)”
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