The CEO of both Twitter and Square Jack Dorsey has set aside $1 billion for coronavirus relief and other charitable causes. The 43-year-old announced the initiative called Start Small in a series of tweets, and said the contribution amounts to 28% of his fortune.
Dorsey announced on Twitter on Tuesday that he created a new fund called Start Small LLC, to be funded by $1 billion of his Square equity, or about 28% of Dorsey’s wealth. In tweets Tuesday, the CEO said he would move $1 billion of his equity from Square, a digital payments platform, into a new limited liability company called Start Small.
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
Under Dorsey’s plan, all of Start Small’s grants will be tracked and made publicly available in a Google spreadsheet.
“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.” – tweeted on 8th April.
Last month Facebook founder Mark Zuckerberg and his wife Priscilla Chan donated $25m (£20m) to support the US health corps.
A Facebook spokeswoman said the donation was coming from the company and would help cover costs like temporary housing near healthcare sites, childcare costs and licensing fees.