By Solomon Odunayo
The Billionaire Twitter CEO, Jack Dorsey, who is a stern Bitcoin fan has pledged to give away 28% of his wealth, to help in the fight against the widespread of coronavirus.
The wealthy people of the world are beginning to show up with support in the fight against the novel coronavirus that pressurizes great countries, such as the United States, to take vital and least expected steps in order to save the economy.
Jack Dorsey Pledges $1 Billion to Combat COVID-19
The CEO of Twitter and Square, Jack Dorsey, has pledged to make a significant contribution in the fight against the global pandemic, with 28% of his wealth, which is equivalent to $1 billion.
The donation from Jack Dorsey will come from his stakes in the payments giant Square and will be managed by Start Small LLC charitable foundation.
As reported, the donation will be used to confront COVID-19, while the leftover will be dedicated to Universal Basic Income (UBI), and to support girls’ education and health.
Jack Dorsey shared, “I’m moving $1B of my Square equity (~28% of my wealth) to Start Small LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently…”
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. It will operate transparently, all flows tracked here: https://t.co/hVkUczDQmz
— jack (@jack) April 7, 2020
Read the full detail of Jack Dorsey’s statement about the donation below:
“Why UBI and girl’s health and education? I believe they represent the best long-term solutions to the existential problems facing the world. UBI is a great idea needing experimentation. Girl’s health and education is critical to balance.
“Why is Start Small a LLC? This segments and dedicates my shares to these causes, and provides flexibility. Grants will be made from Start Small Foundation or the LLC directly based on the beneficiary org. All transfers, sales, and grants will be made public in tracking sheet.
“Why the transparency? It’s important to show my work so I and others can learn. I’ve discovered and funded ($40mm) many orgs with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public.
“Why pull just from Square and not Twitter? Simply: 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.
“Why now? 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.”