Twitter founder and boss Jack Dorsey has set aside $ 1 billion (£ 812 million) in stock to help fund relief efforts related to the COVID-19 pandemic.
Dorsey, who is also chief executive officer of the Square Financial startup, will donate the new venture capital stocks from his Square holdings.
The 43-year-old announced the initiative called Start Small in a series of tweets, and said the contribution represented 28% of his fortune.
I transfer $ 1 billion from my Square shares (~ 28% of my assets) to #start small LLC will finance COVID-19 global relief. Once we disarm this pandemic, the focus will be on girls’ health and education and the UBI. It will work transparently, all streams tracked here: https://t.co/hVkUczDQmz
– jack (@jack) April 7, 2020
Dorsey, who for years kept details of his private charitable efforts, said the organization would disclose all transfers, sales and grants on a public Google sheet document.
Starting small will not be limited to fighting the coronavirus pandemic, Wrote Mr. Dorsey in a thread of six tweets.
“After we have disarmed this pandemic,” he wrote, the organization will focus on girls’ health and education and research on universal basic income – the idea that governments should guarantee a minimum income to all citizens.
Pakistani activist Malala Yousafzai tweeted: “Incredible news! Thank you, @Jack, for your generosity and for recognizing that educated girls make the world a safer and healthier place for everyone. “
Dorsey, whose net worth is estimated at $ 3.3 billion (£ 2.7 billion) by Forbes, also said he promised to participate in Square
instead of Twitter because it has more of the payment processor.
He said he would speed up the sale of the promised shares over time.
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Last month, Facebook founder Mark Zuckerberg and his wife Priscilla Chan donated $ 25 million (£ 20 million) to support the American medical community.
A Facebook spokesperson said the donation came from the company and would help cover costs such as temporary housing near health care sites, child care and license fees.