Jack Dorsey Co-founder and CEO of Twitter Sets Aside $1 billion for Charity, Focus on Fighting Coronavirus

The co-founder and CEO of Twitter Jack Dorsey revealed that he would be dedicating more than a quarter of his wealth to a new fund for charitable causes, with the immediate focus on coronavirus relief efforts.

Dorsey will transfer $1 billion of his equity in Square (SQ), the digital payments company he also co-founded to a limited liability company called Start Small. He made this known in a series of tweets on Tuesday. Dorsey said that amount accounts for around 28% of his wealth.

The first of those grants from Start Small, for $100,000, will go to America’s Food Fund to provide meals to those impacted by the coronavirus, according to a Google Doc he shared for tracking all the grants. Dorsey did not specify how much of the $1 billion commitment will be directed toward coronavirus relief as opposed to other charitable efforts after the pandemic ends.

“After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI,” he said, referring to the concept of universal basic income. “I believe they represent the best long-term solutions to the existential problems facing the world.”. Dorsey’s announcement follows similar efforts by other big tech players. Amazon (AMZN) CEO Jeff Bezos and Microsoft (MSFT) co-founder Bill Gates  the world’s two wealthiest people — have each pledged $100 million toward coronavirus relief. Some of the industry’s biggest companies are also putting their immense resources behind the fight against the global pandemic.

Google (GOOGL) committed $800 million last month much of it in ad grants to small businesses and healthcare organizations.

About franspat 2628 Articles
Covering local and international news for an online, global audience. Franspat is about bringing News, Events, Entertainment, Lifestyle, Fashion, Beauty, Inspiration, Politics, sport and conferences to people’s door steps. The Franspat is part of FranspatNews. Please email the press office at franspatnews@gmail.com or call +2348054320190 Follow us on twitter: @FranspatNews Like our page on Facebook: https://www.facebook.com/FranspatNews