Twitter co-founder and billionaire Jack Dorsey has pledged a massive donation of $1 billion to coronavirus relief.
As the CEO of the social networking service revealed, he will be donating 28% of his personal wealth by transferring his Square equity to his Start Small Foundation from which grants will be funded.
In a series of tweets, the 43-year-old entrepreneur explained his decision and revealed that the focus of his LLC will shift to UBI and girls’ health and education after the pandemic is suppressed.
“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,” Dorsey wrote in his post on April 8.
Explaining his decision to pull funds from Square and not Twitter in one of the subsequent posts, the CEO said:
“I own a lot more Square. And I’ll need to pace the sales over some time. The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve.”
Mr. Dorsey also assured his followers that transparency at the Start Small Foundation will be present at all times whereas “all transfers, sales, and grants will be made public in tracking sheet.”
Speaking about his decision to act now and in such a generous way, Dorsey wrote:
“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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Replaced!