Jack Dorsey says he’s pledging $1 billion to help fight the coronavirus outbreak


COVID-19 Dashboards

Jack Dorsey, the co-founder of Twitter and Square, said Tuesday that he is devoting $1 billion of his stake in the mobile payments company, or 28 percent of his net worth, to help fund coronavirus relief efforts.

“I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief,” Dorsey tweeted.

Dorsey’s investment in coronavirus relief is the most significant financial pledge by a private individual to date. Several other current and former tech executives, including Bill Gates and Jeff Bezos, have each pledged $100 million.

Unlike other donors, Dorsey also promised to keep a consistently updated public record of all the donations.

Once the pandemic is over, Dorsey said, the rest of the $1 billion will be dedicated to “girl’s health and education, and UBI,” which is short for Universal Basic Income, a program that calls for each person to receive a certain amount of money from the government every month.jack@jack

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://docs.google.com/spreadsheets/d/1-eGxq2mMoEGwgSpNVL5j2sa6ToojZUZ-Zun8h2oBAR4 …Start Small trackingDonations Current Value, $ 1,000,000,028.00 ,*40M past donations Current Price, $ 50.42 Number of Shares in LLC,19,833,400 Total Remaining: , $ 1,000,000,028.00 Total Dispersed:, $ 1,000,000.00…docs.google.com75.9KTwitter Ads info and privacy22.6K people are talking about this

“Why UBI and girl’s health and education? I believe they represent the best long-term solutions to the existential problems facing the world,” he wrote.

Dorsey said he was pulling money from Square and not Twitter for a simple reason: “I own a lot more Square. And I’ll need to pace the sales over some time.”

Download the NBC News app for full coverage and alerts about the coronavirus outbreak

As for why he’s making this investment now: “The needs are increasingly urgent,” Dorsey wrote, “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.”

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

COVID-19 Testing Vs. Confirmed Cases by State
Mobile Apps DMB_1503428499636.png

Trending Now