Jack Dorsey donates nearly 30% of his wealth to COVID-19 fight

Jack Dorsey, the acting CEO of Twitter and Square, recently announced his plans to fighting coronavirus outbreak. Dorsey published a series of tweets yesterday, revealing that he plans to shift $1 billion in his own Square equity. He will use the money to create a major fund for coronavirus relief. Dorsey also pointed out that this represents around 28% of his total wealth.

Start Small: Dorsey’s new initiative

The new fund’s name is Start Small, and while it will initially fight COVID-19, it will eventually shift to other causes. Dorsey hinted that the main focuses will remain education and health for girls, UBI (universal basic income), and alike.

He noted that the reason behind focusing on these issues is that they are the best long-term solutions to the world’s existential problems.

“UBI is a great idea needing experimentation. Girl’s health and education is critical to balance,” he said.

His announcement also contains a tally of recipients and disbursements, listed in a publicly-available spreadsheet. This is not an accidental decision, either, as he addressed it in another tweet. Dorsey noted that the transparency is important to show his work, and educate others. He also mentioned that he discovered and funded many organizations in the past, all anonymously. From now on, he wants to do it publicly.

Why Square, and why now?

As for why he only pulled from Square and not Twitter, he stated that the reason is simple. He simply owns a lot more Square. However, he also noted that the move will have a positive impact on both firms in the long run. This is due to the fact that he will use the money to help those whom his companies wish to serve.

Finally, he addressed the last question, which is why did he make this move now? The answer is: “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.“

The first contribution by Start Small is also already announced. It includes $100,000 that will go to America’s Food Fund. This is an effort led by a famous movie star, Leonardo DiCaprio, in collaboration with Laurene Powell Jobs. It is dedicated to providing food to vulnerable populations hit by the virus outbreak.