Twitter Inc. co-founder and Chief Executive Jack Dorsey has pledged to set aside $1 billion to fund charitable causes starting with relief efforts toward the novel coronavirus pandemic.
His donation, which he reports is about 28% of his estimated $3.9 billion net worth, is by far the largest yet by an individual.
“I hope this inspires others to do something similar,” Dorsey said Tuesday in a tweet. “Life is too short, so let’s do everything we can today to help people now.”
It will likely take several quarters or even years to complete the transfer, according to a Square spokesperson. The proceeds from the initial sales will fund coronavirus relief efforts. So far, $100,000 has been donated to America’s Food Fund to “help fund meals to people impacted by COVID,” according to a publicly available spreadsheet Dorsey linked to in his tweet.
“After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI,” Dorsey said in the tweet, referring to universal basic income, the idea that all citizens should be provided with a certain amount of money each month. The pledge represents about 28% of his wealth, he said.