Twitter co-founder and CEO Jack Dorsey (Jack Dorsey) said on Tuesday that he will use his charity fund to use his personal wealth of 1 billion US dollars to mitigate the coronavirus.
Dorsey said in a series of tweets that he will transfer his equity in Digital Payment Group Square to his limited liability company Start Small, contributing 28% of his total wealth.
“Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime,” Dorsey said.
“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.”
The move could be the largest from a single individual for coronavirus relief and comes with the pandemic spanning the globe and inflicting a heavy toll in lives and economic devastation on the United States.
Dorsey said that after the pandemic ends, the fund would focus on health and education for girls and “universal basic income” efforts.
Dorsey, the CEO of Twitter and Square, founded the Foundation and Start Small LLC, a model similar to Facebook founder Mark Zuckerberg in his Zuckerberg Initiative Established models for efforts that start-ups and foundations may not qualify for.
“Why is #startsmall a LLC? This segments and dedicates my shares to these causes, and provides flexibility,” Dorsey said.
The document link posted by Dorsey on Twitter shows that the new fund has pledged US $ 100,000 for a new program called the “American Food Fund”, which was created by Lawrence Powell Jobs, History Tiff Jobs ’s legacy and actor Leonardo DiCaprio launched.
Dorsey’s net worth is estimated to be about $ 3 billion, including his shares in Twitter and Square.
He said that he chose to use the equity of the payment group because “I own more Square”.
“The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve,” he said.
Other technology entrepreneurs have already promised relief work of varying degrees.
Amazon founder Jeff Bezos (Jeff Bezos) has pledged to provide $ 100 million to help food relief during the pandemic, and Zuckerberg has provided more than $ 25 million in funding through Bill and May The Linda Gates Foundation conducts research.
The Gates Foundation pledged $ 125 million last month for research, but it is believed that more will be invested in various projects.