Yesterday, Twitter CEO, Jack Dorsey pledged that he will be donating $1 billion of his stake in Square Inc, the payments processor that he co-founded and heads, all this as a help to fund relief efforts related to the coronavirus pandemic.
Ironically the amount represents about 28% of Jack’s wealth, which he says will be donated to his charity fund, Start Small LLC, which would later focus its attention on universal basic income and girls’ health and education.
Jack Dorsey’s donates $1 billion for Coronavirus Pandemic
Making the announcement, Jack Tweeted,
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.
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Dorsey, who for years has kept details of his charitable efforts private, said all donations to and from the fund would now be visible to the public at all times through a public document.
Why Jack Dorsey chose Start Small LLC
“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,” Dorsey said on the micro-blogging platform.
Dorsey, whose net worth is estimated at $3.3 billion by Forbes, also said that he was pledging his stake in Square instead of Twitter because he owns a bigger portion of the payments processor. He also said that he would pace the sale of the pledged shares over time.
“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,” he added.
The charity will keep functioning even after the impact of the pandemic has been taken care of. The money will then be passed on to charities looking after ‘girl’s health and education.’
Jack Dorsey’s donation is the largest amount donated by an individual. Major donations so far have been made by the Bill and Melinda Gates Foundation who’ve pledged $100 million, less than 1 percent of their fortune.