Twitter’s CEO, Jack Dorsey tweeted on Tuesday that he would be donating $1 billion worth of equity in Square to his Start Small LLC that will fund COVID-19 relief around the world. He also owns digital payment platform Square and said that the amount sums up to 28 percent of his total net worth and comes at about $3.6 billion.
This Is the first time the 43-year-old tech executive has ever made such a generous donation for a philanthropic cause.
Even though Dorsey is not as rich as his rival tech giants like Bill Gates or Mark Zuckerberg, the amazing performance of his shares in Square and Twitter has made him a billionaire. Until last year, he kept most of his wealth to himself except the inauguration of the Start Small fund that Forbes reported was a program set up for donations. However, he did not reveal the cause behind this charity.
Now, Dorsey wants people to know the causes he is donating his money for. The $1 billion donation would be tracked publicly as he also attached a Google Sheets spreadsheet for people to understand the categories that his money would be utilized for.
So, Dorsey has given $10000 to America’s Food Fund and says that one of his targets for donation would be “girl’s health and education, and UBI,” or universal basic income.
“Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime,” Dorsey tweeted in the final message of his thread. “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”