Jack Dorsey Starts $1 Billion Fund to Fight the COVID-19 Pandemic
As per the recent reports, Twitter CEO and Square founder, Jack Dorsey has opened a new initiative named Start Small LLC and has funded it with $1 Billion which is approximately 28% of his wealth. Jack confirmed via twitter that the funds raised through this initiative will be used to support the global fight against the COVID-19 pandemic. He clarified that once the crisis is over, the remaining funds will be directed towards girl’s health, education, and universal basic income (UBI) initiatives.
Explaining his inclination towards UBI and girl’s education, Jack mentioned, “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”
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) April 7, 2020
While assuring that the funding will be completely transparent, Jack added that this initiative is the best long-term solution to the existential problems facing the world.
Talking about Start Small LLC, he clarified that all grants will be made from the foundation directly to the beneficiary organization. Furthermore, all financial transactions in this regard including sales and grants will be available publicly through a tracking sheet.
Interestingly, Jack has extracted the entire funding amount from Square. He reasoned that he owns a lot more of Square than he does of Twitter. Hence it makes more sense to draw the funds from his Square shares. However, he acknowledged the fact that this initiative will benefit both Square and Twitter in the long run. He stated, “The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve.”
Dorsey’s support for Bitcoin is well-known. BTC has been one of the most prominent revenue generators for Square’s CashApp. He recently offered the USE OF Square’s CashApp to distribute the U.S. stimulus package.
We hope Jack’s initiative to donate and fund the fight against COVID-19 will be an example for others to come up and do their bit.