Jack Dorsey wants to use part of his wealth to support the fight against the coronavirus pandemic. The CEO of the microblogging site, Twitter and digital payments platform Square, has revealed in a series of tweets that he will be donating $1 billion worth of equity in Square to fund COVID-19 relief globally.
This fund is the most significant effort so far in the coalition to fight the global coronavirus pandemic. It is also the biggest philanthropic effort by the double CEO, as the $1 billion to be donated represents about 28% of his net worth – $3.9 billion according to Bloomberg Billionaires Index.
The funds will be disbursed through his Start Small LLC and disbursements/recipients of the fund will be published in a public spreadsheet that he shared. They will also be sourced from his Square shares, where he “owns more.”
This transparency, according to him, is to show his work so other people can learn from it.
“It’s important to show my work so I and others can learn. I’ve discovered and funded ($40mm) many organisations with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public,” Jack Dorsey said.
According to the spreadsheet, a $100,000 donation has been made to America’s Food Fund, an effort dedicated to providing meals to vulnerable populations in the US disrupted by the COVID-19 pandemic.
Jack also says that following the COVID-19 relief effort, Start Small will shift its focus to girl’s health and education, and UBI (Universal Basic Income). These according to Jack represent the best long-term solutions to the existential problems facing the world.
Education for girls lay a foundation for vibrant lives for them, their families and communities they will actively contribute to the economy and curb the rapid population growth. UBI, on the other hand, will reduce poverty and increase equality among citizens.
According to Jack Dorsey, the needs for donations like this are increasingly urgent, and he hopes others take a cue.
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