Twitter co-founder and CEO (and very rich man) Jack Dorsey says he’s dedicating $1 billion to a new fund for charitable causes, with the immediate focus on coronavirus relief efforts.
Dorsey said he would put the money (28 percent of his wealth), in the form of shares in his mobile payments company Square, into a limited liability company that he had created, called Start Small. Start Small would make grants to beneficiaries, with the expenditures to be recorded in a publicly accessible Google document, Dorsey explained in a series of tweets (of course).
The first of those grants from Start Small, for $100,000, will go to America’s Food Fund to provide meals to those impacted by the coronavirus, according to a Google Doc he shared for tracking all the grants.
“After we disarm this pandemic, the focus will shift to girl’s health and education, and universal basic income,” Dorsey said. “I believe they represent the best long-term solutions to the existential problems facing the world.”
Dorsey’s announcement follows similar efforts by other giant tech players. Amazon CEO Jeff Bezos and Microsoft co-founder Bill Gates — the world’s two wealthiest people — have each pledged $100 million toward coronavirus relief.
Dorsey’s contribution stands out for the sum he is putting in and for how much of his net worth that represents. Hopefully, other big tech players will follow his lead.