Jack Dorsey has pledged to donate more than a quarter of his wealth to help fight the global health crisis.
The Twitter and Square CEO announced the move in a tweet Tuesday afternoon, stating he will move $1 billion of his Square equity to Start Small LLC to fund coronavirus relief efforts. Dorsey emphasized that the business structure will also support other initiatives and causes after the pandemic is over; girls health and education, and universal basic income (UBI) will be the primary focuses.
The tech mogul went on to say he hoped the donation would inspire others to follow his lead and help as much as they can. Dorsey also explained his decision to move his Square shares rather than Twitter, as the latter has a much higher estimated value.
"Simply: I own a lot more Square. And I’ll need to pace the sales over some time," he wrote. "The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve."
In the interest of transparency, Dorsey also posted a public Google doc that tracks the donations made through Start Smart LLC. As of press time, the spreadsheet listed a $100,000 donation to America's Food Fund, which helps "fund meals to people impacted by COVID."
Dorsey joins a long list of high-profile figures who have used their resources to help combat the deadly pandemic.
"Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime ..." Dorsey wrote in his most recent post. "Life is too short, so let’s do everything we can today to help people now."