In a tweet sent just minutes ago, Twitter and Square CEO Jack Dorsey announced that he would dedicate one-third of his wealth to fighting 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 said his decision to dedicate his Square stock rather than his Twitter shares was made because he simply owns a larger chunk of Square.
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
As for "why now?" Dorsey said because "needs are increasing".
Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime. I hope this inspires others to do something similar. Life is too short, so let’s do everything we can today to help people now. ✌🏼— jack (@jack) April 7, 2020
Finally, Dorsey said the transparency is important to "show his work."
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 ;)— jack (@jack) April 7, 2020
After the outbreak, Dorsey - who has been widely mocked by the feminist press for allegedly promoting his eating disorder after telling the world about his intermittent fasting plans (the obesity lobby seems to believe that fasting has a better chance of killing people than long-term obesity) - said the focus of his new 'Start Small' organization will shift to girl's health and education, as well as "a UBI". It's unclear whether he intends to study UBI as a policy, or whether he tends to simply start handing out money to poor Americans.
If the latter, well, we would at least applaud him for putting his money where his mouth is. He really is an uber-mensch...