Jack Dorsey pledges $1 billion of his personal fortune towards COVID-19 relief

Jack Dorsey has announced the biggest donation yet to fight the coronavirus outbreak. Dorsey, CEO of Twitter and Square, is contributing nearly third of his wealth to fight the pandemic. He tweeted plans to move $1 billion of his Square equity to Startsmall LLC. The fund will be used as COVID019 relief but it is important to note that not all of the $1 billion going to the pandemic relief efforts directly.

Jack Dorsey makes big donation to fight COVID-19

In a subsequent tweet, Jack Dorsey also explained why he is pulling money just from Square and not Twitter. He explained that he owns a lot more Square. “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,” Jack said in his tweet. Jack further confirmed that the fund will be later used to focus on girls’ health and education.

Through Startsmall LLC, Dorsey is donating nearly 28 percent of his wealth. While the focus is to fight COVID-19 pandemic, the announcement should be seen as a broader philanthropic effort. According to Forbes Real-time billionaires list, Jack Dorsey’s net worth is estimated at $3.3 billion. The 44-year-old Dorsey is not as wealthy as Facebook CEO Mark Zuckerberg, Amazon CEO Jeff Bezos or Microsoft co-founder Bill Gates. However, he had never disclosed plans to donate his wealth until last year.

According to Forbes, the Start Small Fund is a donor-advised fund that does not have to disclose about its investments. Jack Dorsey, however, wants to change that narrative. He also tweeted the public Google Sheets spreadsheet as a way to track the spending. It includes an existing $100,000 donation made by Dorsey to America’s Food Fund. “Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime,” he added in his final tweet.

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