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What just happened? In the competition of which billionaire can donate most money to fight the novel coronavirus, Twitter and Square boss Jack Dorsey has taken the lead. The CEO has announced that he will be donating $1 billion of Square shares to his Start Small LLC to fund global Covid-19 relief.
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.
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. It will operate transparently, all flows tracked here: https://t.co/hVkUczDQmz--- jack (@jack) April 7, 2020
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.
Why pull just from Square and not Twitter? Simply: I own a lot more Square. And I'll need to pace the sales over some time. The impact this money will have should benefit both companies over the long-term because it's helping the people we want to serve.--- jack (@jack) April 7, 2020
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.
0.03% baby!♬ Money - Cardi B