Jack Dorsey, the founder of Twitter and the Square payment platform, has announced that he is donating $1 billion to COVID-19 response and relief efforts.
The money, which amounts to 28% of Dorsey's net worth, will be funded by his Square shares.
He will be moving the $1 billion from his Square equity to Start Small LLC to help fund global COVID-19 relief.
Once the pandemic is resolved, the money will then shift to focus on girls' health and education and UBI (Universal Basic Income).
Dorsey plans to offer full transparency of his donations by tracking them through a public Google document.
When asked why he is pulling the money from Square and not Twitter, Dorsey simply said he owns a lot more Square and he needs to pace the sales out over time. He ensures the public that the impact the money will have over time will benefit both companies because it is going to the people they want to serve.
Dorsey hopes this inspires others to do something similar and he said life is too short, we should do everything we can to help people now.