Twitter founder-CEO Jack Dorsey said Tuesday he’s giving $1 billion worth of equity in Square – a mobile payments platform he founded and also runs – to a COVID-19 relief fund. He said the figure represents about 28% of his net worth.
“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,” Dorsey said in tweet.
Dorsey has a net worth of about $3.9 billion, according to the Bloomberg Billionaires Index.
The pledge is the biggest so far as the world’s richest individuals announced funds and aid to help fight the global coronavirus pandemic
Jeff Bezos will donate $100 million to Feeding America. Michael and Susan Dell have also committed $100 million to the global relief effort. The Bill & Melinda Gates Foundation has pledged a similar amount to help develop a vaccine.
Dorsey’s move does follow one notable donor. In 1997, CNN founder Ted Turner made an historic $1 billion pledge to the United Nations, changing the world of philanthropy. He created a United Nations Foundation, which transfered money to the UN for almost 20 years.