Some people want to help the world for the better and they want to see it shine while they are alive. Jack Dorsey, the CEO of Twitter and mobile payments company Square, is one of them. The CEO announced on Twitter that he is moving $1 billion of his equity in Square to fund coronavirus relief efforts and other causes in the future.
According to Forbes, Dorsey has a net worth of around $3.3 billion, which means his $1 billion donation represents roughly 28% of his wealth. The funds will be distributed through Dorsey’s charitable fund – Start Small LLC.
Dorsey, 43, wrote on Twitter:
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.
In a Google Doc that Dorsey set up to disclose his donations, it shows that his first funding was $100K to America’s Food Fund on April 2. America’s Food Fund is an initiative backed by Oprah Winfrey and launched by Apple, Leonardo DiCaprio, Laurene Powell Jobs, and the Ford Foundation. The initiative’s mission is to provide food to those in need during the COVID-19 pandemic.
Dorsey continued:
After we disarm this pandemic, the focus of the fund will shift to two other causes: girl’s health and education and universal basic income (UBI). That’s because 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.
Why didn’t Dorsey take funds from Twitter? Dorsey explained that he’s extracting funds from his Square holdings because he owns more Square equity than he does Twitter. “The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve,” He added.
Dorsey previously donated in the past but mostly anonymously. However, now he feels it’s critical to bring light to his efforts because it could help inspire others to also take action on this fight against COVID-19.
