Twitter boss Jack Dorsey is donating $1 billion to fund Covid-19 relief

midian182

Posts: 5,682   +43
Staff member

In his announcement tweet, Dorsey revealed the amount he was donating was equivalent to about 28 percent of his wealth. He wrote that all of the money going into Start Small can be tracked by anyone via a public Google Sheets spreadsheet. It shows that $100,000 had already been given to America’s Food Fund. The organization, which was co-founded by Laurene Powell Jobs and Leonardo DeCaprio, helps fund meals to people impacted by Covid-19.

Dorsey explained that he used Square shares because he owns a lot more of them, and that Start Small was an LLC as this segments and dedicates shares to different causes, offering more flexibility.

Following the end of the Covid-19 pandemic, the funds will be used to support efforts for women’s health, education and universal basic income. “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,” Dorsey writes in a tweet.

Dorsey’s gift is the largest single donation given toward the fight against Covid-19. Twenty-eight percent of his wealth could embarrass other billionaires. The $100 million Jeff Bezos said he is giving Feeding America represents less than 0.1 percent of his $123 billion fortune. Bill and Melinda Gates have also promised $100 million, or less than 1 percent of their wealth, while the $25 million Mark Zuckerberg donated is about 0.03 percent of the Facebook boss’ wealth. Check out the video below for an illustration of how much that represents.

@mona_chalabi

0.03% baby!

♬ Money - Cardi B

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QuantumPhysics

Posts: 2,699   +2,346
The money is always appreciated...

But ultimately what we truly need is more durable medical equipment to be made - and much faster.

I just hope that this sudden pandemic and massive loss of life FORCES America to put factory work in portions of America with the worst unemployment/underemployment to make products that are life essential.

Nothing causes you to re-evaluate your priorities like an existential threat that pushes you to the edge.

America's unemployment should never rise above 1% of able-bodied workers.
 
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The money is always appreciated...

But ultimately what we truly need is more durable medical equipment to be made - and much faster.

I just hope that this sudden pandemic and massive loss of life FORCES America to put factory work in portions of America with the worst unemployment/underemployment to make products that are life essential.

Nothing causes you to re-evaluate your priorities like an existential threat that pushes you to the edge.

America's unemployment should never rise above 1% of able-bodied workers.
One percent unemployment is amazing. Here in South Africa the unemployment rate is around 29%. Our fuel price (for cars) is made up of about 70% taxes and levies.
 

QuantumPhysics

Posts: 2,699   +2,346
!

That would mean some businesses would need to deal with employees from the bottom 98th percentile of motivation and maybe expertise as well. No thanks. 5% is an acceptable unemployment rate.

FACTORIES employ a wide range of abilities and disabilities from workers.

Do you remember: " I Snort Glass"?
 

Lew Zealand

Posts: 1,310   +1,262
TechSpot Elite
I'm referring not to ideals but reality. 100% employment can be achieved in communist societies but I'm not ready to go there yet.

And I'm going to look up "I Snort Glass" because I have no idea what that is.
 

Evernessince

Posts: 4,998   +5,124
The money is always appreciated...

But ultimately what we truly need is more durable medical equipment to be made - and much faster.

I just hope that this sudden pandemic and massive loss of life FORCES America to put factory work in portions of America with the worst unemployment/underemployment to make products that are life essential.

Nothing causes you to re-evaluate your priorities like an existential threat that pushes you to the edge.

America's unemployment should never rise above 1% of able-bodied workers.
The funny part about that is the united states has tried on multiple occasions to update and increase the federal stockpile of medical equipment.

The short of that story is that the contracts ultimately went out to private companies and to no surprise of anyone, didn't yield any fruit. In the specific case of ventilators, Newport Medical instruments were contracted to build cheap portable ventilators but never finished as they were bought out by a larger medical equipment company that wanted to continue to sell high margin, large ventilators.

https://www.nytimes.com/2020/03/29/business/coronavirus-us-ventilator-shortage.html

"I just hope that this sudden pandemic and massive loss of life FORCES America to put factory work in portions of America with the worst unemployment/underemployment to make products that are life essential. "

Good luck getting any of the medical device manufacturers to do that.
 

DAOWAce

Posts: 307   +49
Am I the only one who thinks that shares in companies don't = actual money? It's just investments, not raw cashflow.

Not discrediting the donations though; this is absolutely huge and other billionaires should be absolutely ashamed. 1% of people shouldn't own almost half of the world's wealth, and the folks with more money they (and their kids, and their kids' kids) can spend in their lifetime need to be chastised.