Twitter CEO Jack Dorsey is committed to investing $1bn to help counter COVID-19 outbreak, more commonly known as coronavirus.
Dorsey tweeted the announcement on Tuesday, April 7, saying he plans to move $1 billion of his money to Square to help finance global pandemic relief through a new LLC called Start Tiny.
Dorsey has pledged accountability for his contributions, noting that grants will be made available directly from the Start Small Foundation or the LLC. “This monitoring sheet will make all transactions, purchases, and grants public,” Twitter CEO wrote.
He’s also donated $100,000 to America’s Food Fund, which helps people who have been affected by the coronavirus outbreak get meals, according to a document posted by Dorsey.
Dorsey went on to suggest that once the coronavirus pandemic is over, he will continue to help support girls ‘health and education-centric initiatives, as well as universal basic income (UBI).
Mr. Dorsey is following a pattern that Mr. Zuckerberg used in forming a limited liability corporation. This was founded as an L.L.C. in 2015, when Mr. Zuckerberg and his wife, Priscilla Chan, set up the Chan Zuckerberg Initiative, keeping much of their money to support charitable causes.