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Jack Dorsey Plans to Donate $1B to Fight the Coronavirus Outbreak

Jack Dorsey, the CEO, and co-founder of Twitter and Square plans to donate $1 billion to fight the coronavirus outbreak, the largest pledge gift by a private individual yet during the pandemic.

Announcing his decision via Twitter, Dorsey said the funds would later shift to support for women’s health, education and universal basic income after the COVID-19 pandemic.

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Jack Dorsey official tweet (twitter.com)

“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 says UBI and women’s health and education “represent the best long-term solutions to the existential problems facing the world,” and UBI requires funding for experiments to test its efficacy in the real world. He also offered some clarity on why he decided to use Square shares — “I own a lot more Square,” he says.

The gift will come in Square stock, Dorsey says, for the simple reason that he owns far more equity in the fintech company than on Twitter. He ended his Twitter thread about the gift with a sense of both urgency and hope.

“Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime,” Dorsey tweeted in the final message of his thread. “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.”