Twitter Founder Jack Dorsey Donates $1 Billion to Coronavirus Efforts
Tech billionaire makes bold donation, donating over a quarter of his net wealth to help fight COVID-19.
Twitter founder Jack Dorsey announced that he would be moving $1 billion into a newly formed company to fund global efforts to fight the coronavirus pandemic and to help aid in relief for those affected by COVID-19.
Dorsey tweeted the stunning donation on Tuesday afternoon and made clear that he would be moving over a quarter of his net wealth to the new startup. In addition to creating Twitter, he also founded the digital payment app Square, all of his equity of which is being moved into the new coronavirus charity.
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
Dorsey also shared a Google spreadsheet to be transparent about the donations coming in and going out.
And he further explained why now and why Square and not Twitter.
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) April 7, 2020
The Twitter founder's sizable charity is believed to be the most significant to date, though he is not alone in providing financial leadership during this public health crisis.
Microsoft founder Bill Gates announced last week that, via the Gates Foundation, he would be funding seven separate research efforts seeking a cure and vaccination for COVID-19, hastening the efficiency of the process, in lieu of only funding outlets that appear to be closest.
Amazon founder Jeff Bezos and the foundations of Michael Dell have each pledged $100 million to causes like food banks and vaccine development efforts. And the philanthropic organization of former Democratic presidential hopeful and New York City mayor Michael Bloomberg is spending $40 million on rapid-response teams, with a focus on Africa.
On Twitter, people praised Dorsey for his massive donation:
Thank you Jack. $1 billion is a staggering amount to donate, and it will make a difference in so many people's lives during such a difficult time.
— Eugene Gu, MD (@eugenegu) April 7, 2020
Thank you Jack! This is a spectacular commitment. 🙏
— Andrew Yang🧢 (@AndrewYang) April 7, 2020
Thank you for doing this @jack. We've needed billionaires who support UBI to really step up and help to make it happen for many years, and it looks like you are now joining that very small club in a very big way. I hope your actions inspire others to do the same.
— Scott Santens🧢 (@scottsantens) April 7, 2020
And for more feel-good news, check out these 50 Feel-Good Facts to Cure Quarantine Boredom.