Jack Dorsey will donate $1 billion of his personal wealth towards coronavirus relief and other philanthropic initiatives.
The CEO of both Twitter and online payment platform Square made the announcement in a tweet yesterday, stating that the efforts will be through a new global fund called Start Small LLC.
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He says this amounts to about 28% of his wealth, specifically coming out of his equity from Square.
This is one of the largest donations yet from a single individual towards the fight against COVID-19.
Dorsey adds that after the pandemic, the fund will shift its attention towards girl’s health and education, and universal basic income (UBI).
“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,” he wrote.
He has publicized Start Small’s grant information through a Google Docs spreadsheet.
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: https://t.co/dC3dU6hvxB
— jack (@jack) April 7, 2020
Dorsey joins other billionaires and companies who have made significant contributions; Microsoft co-founder Bill Gates is directing billions of dollars from his foundation to help build factories that will perform research and develop a vaccine for COVID-19, while Amazon founder Jeff Bezos has donated $100 million to American food banks.
Google is setting aside $800 million, including advertising credits to struggling small businesses and the World Health Organization’s educational and informational campaigns relating to COVID-19.
Facebook has donated 700,000 of its wildfire masks, and Mark Zuckerberg has personally offered $30 million for various efforts and created funds.
Other major companies have shifted their manufacturing and supply chains towards personal protective equipment for healthcare workers and life-saving hospital machines for coronavirus patients.
Apple has sourced and donated over 20 million N95 masks around the world, while Nike and Bauer are now producing face shields.
US federal government directives have prompted companies like General Motors, General Electric, and Philips to mass produce ventilators under contract.
Tesla is also in the process of coming up with its own ventilator design using readily available and tested Model 3 car parts.