Millionaires, billionaires, and tech luminaries are applauding Twitter and Square CEO Jack Dorsey on Twitter for his $1 billion commitment to coronavirus relief, universal basic income, and girls' education.

Dorsey said the new fund, called Start Small LLC, will be backed by his Square equity. He estimates it's about 28% of his wealth.

"That's awesome, @jack," Ev Williams, the CEO of Medium and a Twitter cofounder, tweeted on Tuesday.

Billionaire and former presidential candidate Mike Bloomberg said Dorsey's new fund is a "powerful testament" to Dorsey's commitment to helping others.

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Jack Dorsey said he's committing $1 billion of his own wealth to coronavirus relief, and the move has impressed his fellow millionaires, billionaires, and tech execs.

Dorsey, who is the CEO of both Twitter and Square, announced on Twitter on Tuesday that he created a new fund called Start Small LLC, to be funded by $1 billion of his Square equity, or about 28% of Dorsey's wealth. After the coronavirus outbreak has been contained, Dorsey said Start Small will shift its focus to funding girls' health and education, as well as universal basic income, a regular cash payment made to citizens by the government.

"I hope this inspires others to do something similar," Dorsey tweeted. "Life is too short, so let's do everything we can today to help people now."

It appears that Dorsey's $1 billion commitment has wowed his fellow millionaires and billionaires, who have been applauding Dorsey on Twitter since Tuesday night.

"That's awesome, @jack," Ev Williams, the CEO of Medium and a Twitter cofounder, tweeted on Tuesday.

Williams was one of a few tech luminaries to weigh in, including Laurene Powell Jobs — who called Dorsey's plan "Wonderful" — and Reddit cofounder Alexis Ohanian, who tweeted, "My man!"

Hedge fund billionaire Michael Novogratz said Dorsey's plan was "really admirable," tweeting, "I love @Jack." And Changpeng Zhao, the CEO of cryptocurrency giant Binance, applauded Dorsey as well.

Former presidential candidate Andrew Yang, who is an outspoken advocate of UBI, also responded to Dorsey, thanking him for his contribution.

"Thank you Jack!" Yang tweeted. "This is a spectacular commitment."

Yang wasn't the only former presidential candidate to chime in — billionaire Mike Bloomberg tweeted his support as well.

Start Small is funded by Square equity because Dorsey owns more shares, and he'll need to pace sales of the shares over time, he said. He decided to set up Start Small now because "the needs are increasingly urgent," and he said he wanted "to see the impact in my lifetime."

Square was founded in 2009 by Dorsey and Jim McKelvey. The payments company has continued to grow its market share, offering an alternative to traditional payments infrastructures. Square launched Cash App in 2013, a mobile app for transferring money between users.