Many business entrepreneurs and public figures began their own donation drives in order to help ameliorate the impact of coronavirus for most of the world. One of them came from a tech mogul, with his contribution going far above and beyond the pandemic.

On April 8, Jack Dorsey, co-founder and CEO of social media platform Twitter and digital payments company Square, announced in a series of tweets that he is setting aside a portion of his wealth for a COVID-19 relief drive.

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

$1 billion worth of funds for COVID-19

Dorsey said that he will be moving US$1 billion [AU$1.6 billion] of his equity in Square to fund Start Small LLC.

The fund Dorsey earmarked for the donation amounts to approximately 28% of his total wealth and is one of the biggest philanthropic efforts of his career.

Start Small Foundation, or the LLC, will direct these donations to beneficiary organizations based on Dorsey’s chosen priorities.

Dorsey made public the tracking file for the grants already provided through Start Small LLC.

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

According to the public file, the grants will first be given to America’s Food Fund — the allocation meant to help feed those who are affected by the pandemic.

Dorsey’s advocacy beyond pandemic relief

“After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI [universal basic income],” Dorsey adds.

He added that “girl’s health and education is [sic] critical to balance” and that UBI requires funding for experiments.

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. Girl’s health and education is critical to balance: https://t.co/dC3dU6hvxB — jack (@jack) April 7, 2020

Malala Yousafzai, a Nobel Prize laureate and known activist for female education, also commended his efforts, adding that “educated girls make the world safer and healthier for everyone.”

Amazing news! Thank you, @jack, for your generosity and for recognising that educated girls make the world safer and healthier for everyone. — Malala (@Malala) April 7, 2020

In another tweet, Dorsey clarified the need for a separate LLC, as it allows him more flexibility for his cause.

What’s next?

This is certainly not his first time donating in social benefit initiatives. Most of it he has done anonymously, he said.

Dorsey noted that he has already “discovered and funded many organizations with proven impact and efficiency in the past.”

“Why now? The needs are increasingly urgent, and I want to see the impact in [sic] my lifetime.”

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

Other philanthropic efforts for COVID-19

What lies ahead after the pandemic is still unclear. Fortunately, efforts like these help people heal and soldier through the pandemic.

Meanwhile, other individuals and entities are also spearheading charities and donation drives for COVID-19.

Earlier this month, Rockstart Games pledged five percent of its revenue to hard-hit communities of the pandemic. Facebook is also offering grants to small businesses and other initiatives to curb the impact of coronavirus. Billionaire Warren Buffet is also reportedly eyeing businesses that are severely affected by the pandemic-induced economic crisis.

Image courtesy of Flickr/JD Lasica