Twitter CEO Jack Dorsey Will Spend $1 Billion To Fight Coronavirus

Twitter CEO Jack Dorsey is committing to spending $1 billion to help fight the coronavirus outbreak. 

Dorsey tweeted the announcement Tuesday, saying that he plans to move $1 billion of his equity in Square — roughly 28 percent of his overall wealth — to help fund global pandemic relief through a new LLC called Start Small. 

Dorsey pledged transparency for his donations, adding that grants will be made from either the Start Small Foundation or the LLC directly based on who is receiving the money. “All transfers, sales, and grants will be made public in tracking sheet,” he wrote.

According to a document Dorsey shared, he’s already contributed $100,000 to America’s Food Fund which helps people get meals who have been impacted by the coronavirus crisis. 

Dorsey went on to say that once the coronavirus pandemic is over, he will continue to help fund projects centering around girl’s health and education as well as universal basic income (UBI). 

Dorsey said he pulled equity from Square instead of Twitter simply because he owns more Square stock.

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“I’ll need to pace the sales over some time,” Dorsey added. “The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve.”

Dorsey said that it’s especially important right now to make an impact, and that he hopes he inspires others to do the same. 

“Life is too short, so let’s do everything we can today to help people now,” he wrote.

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