On Tuesday, Jack Dorsey, CEO at both Twitter and Square, announced that he would pledge $1 billion worth of equity in the payments processor, to fund relief efforts to tackle the coronavirus pandemic. He stated that this amount accounts for 28% of his wealth, which will be donated to his Start Small LLC.
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 said that after this pandemic has been "disarmed," the funds will be appropriated to girls' health and education, and research into universal basic income. The track of these donations can be viewed through a public document that he shared in the six-part Twitter thread.
Dorsey, whose net worth is estimated to be around $3.3 billion by Forbes, said that he was using his shares in Square instead of Twitter because he owned a majority share in Square. This would let him pace the sale of pledged share over time, with Dorsey noting that he wants to see the impact in his lifetime.