Jack Dorsey, the CEO of both Twitter and Square, pledged $1 billion to fight back against COVID-19. In a Tweet late Tuesday afternoon, Dorsey wrote,
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.
The money will come from his stake in Square stock, as Dorsey holds a higher percentage of equity compared to his only 2% ownership in Twitter. as Dorsey holds a higher percentage of equity compared to his only 2% ownership in Twitter.
In a unique stroke of transparency, Dorsey shared a Google Doc link to how the money will be utilized. The initial grant from Start Small, Dorsey’s newly formed charitable organization, will bequeathed $100,000 to America’s Food Fund. This charity offers meals to people who are disadvantaged due to the virus outbreak.
Regarding his commitment to openness, Dorsey explained via a follow-up tweet,
Why the transparency? It’s important to show my work so I and others can learn. I’ve discovered and funded ($40mm) many orgs with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public. Suggestions welcome. Drop your cash app ;).