Twitter co-founder and CEO Jack Dorsey announced that he will provide $ 1 billion of his own money for relief efforts to combat the Chinese virus. Dorsey says the sum represents approximately 28 percent of his net worth.
The Twitter CEO announced the plan in a tweet posted earlier today, saying he would take $1 billion of his own personal equity out of Square, the payment processing company of which he is also founder and CEO.
“I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief,” said Dorsey, who also posted a public Google document where the cashflows will be tracked.
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
Dorsey’s investment in coronavirus relief is ten times that of Amazon founder Jeff Bezos, the world’s richest man, who has donated $100 million to food banks to feed out-of-work Americans. It is also considerably higher than Facebook founder Mark Zuckerberg’s contribution, thus far $25 million to developing a coronavirus cure.
In a series of follow-up tweets, Dorsey said “Why is #startsmall a LLC? This segments and dedicates my shares to these causes, and provides flexibility. Grants will be made from Start Small Foundation or the LLC directly based on the beneficiary org. All transfers, sales, and grants will be made public in tracking sheet.”
“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.”
“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.”
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Allum Bokhari is the senior technology correspondent at Breitbart News.