Twitter's CEO just beat every other big shot's donation to coronavirus relief by tenfold -- he's dropping ten figures to help, and then rolling whatever's leftover to another great cause.
Jack Dorsey made the stunning announcement Tuesday on his own platform, saying he'd be putting up a billion dollars of his own money -- which he says makes up 28% of his overall wealth -- into a new fund he calls Start Small, LLC ... aimed for COVID-19 efforts.
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
He adds ... after beating the pandemic, the money that's still there in Start Small will begin being used for something else he's just as passionate about ... girls' health and education, as well as UBI (universal basic income). He's even got a public Google doc to track the money that's available to look at right now. Sure enough, it's valued at just under $1 billion.
Jack also gets into details about how the money will be doled out ... we'll let you read his thread for yourself -- but in short, sounds like he's going the grants route.
Why is #startsmall a LLC? This segments and dedicates my shares to these causes, and provides flexibility. Grants will be made from Start Small Foundation or the LLC directly based on the beneficiary org. All transfers, sales, and grants will be made public in tracking sheet.
Not to get too shark-y here, but the donation -- which is an incredible thing, BTW -- is a major power move on Jack's part, and a little on Twitter's too. Up until now, it appears Jeff Bezos held the record for the biggest COVID-19-related donation at a staggering $100 mil.
Jack's billion blows that out of the water, obviously ... but it's not like these donations are a contest or anything, right? It's also telling that JD is going so public with a gesture like this after a little in-house drama over there at Twitter-land. Recently, some board members were reportedly out to oust him as chief ... but he prevailed in the end and is staying put.
In any case, Jack's cash will be a massive boon to the cause, and hopefully, help us end the pandemic for good before it's starts getting even more out of hand.