Twitter CEO Jack Dorsey Makes Whopping $1 Billion Donation to Fight Coronavirus

Many fat wallets on Wall Street have stepped up and made astonishing donations towards fighting coronavirus but no donation takes the cake than the one Jack Dorsey made this week.

The Twitter and Square CEO has donated $1 billion worth of his equity in Square to his Start Small LLC to fund COVID-19 relief around the world.

Dorsey made the announcement in a tweet and said the sum equates to roughly 28 percent of his current net worth, or about $3.6 billion.

Dorsey tweeted on Tuesday, “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://docs.google.com/spreadsheets/d/1-eGxq2mMoEGwgSpNVL5j2sa6ToojZUZ-Zun8h2oBAR4 …”

According to Dorsey, UBI and women’s health and education “represent the best long-term solutions to the existential problems facing the world,” and UBI requires funding for experiments to test its efficacy in the real world.

Responding to why he donated only from Square and not Twitter, Dorsey tweeted, “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,” 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.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.