Twitter and Square Inc. CEO Jack Dorsey said, 'I’m moving $1 billion of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief'
Bengaluru: Twitter Inc. CEO Jack Dorsey is pledging $1 billion (Rs 7,500-plus crore) of his wealth for the novel coronavirus (COVID-19) pandemic global relief efforts. He announced this on his Twitter account in a series of tweets.
Dorsey said on Tuesday (April 7) that he will be moving $ 1 billion (28% of his wealth) of his equity in Square Inc to begin Start Small LLC. Square is a mobile payments company founded by Dorsey and he is also the chief executive.
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The 43-year-old wrote on his Twitter page with a link of Google spreadsheet to show all transactions, “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: (sic).” This tweet has garnered over 201,000 likes.
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: https://t.co/dC3dU6hvxB
— jack (@jack)In a series of tweets, he explained why he had starting this charity fund Start Small. He wrote, “Why is #startsmall 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.”
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He added, “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. Suggestions welcome. Drop your cash app ;)
“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.”
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. Suggestions welcome. Drop your cash app ;)
— jack (@jack)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. ✌🏼
— jack (@jack)