Twitter CEO Jack Dorsey said Tuesday he would move $1 billion to fund coronavirus relief.
Mr. Dorsey said on Twitter that the investment would come from his stock in Square, a financial services and mobile payment platform. He said once the pandemic is disarmed, his “#startsmall LLC” will shift its funding toward projects involving girls’ health and education and universal basic income.
“Why pull from Square and not Twitter? Simply: I own a lot more Square,” Mr. Dorsey tweeted. “And I’ll need to pace the sales over some time. The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve.”
Mr. Dorsey posted a Google spreadsheet where he said the cash flows would be documented. He said the creation of a limited liability company to provide additional flexibility for the monetary grants, which will either come from the LLC or a Start Small Foundation.
“Going forward, all grants will be public,” Mr. Dorsey tweeted. “Suggestions welcome. Drop your cash app ;)”
Mr. Dorsey said he felt the desire to see his impact in his lifetime and noted that he believes universal basic income and girls’ health and education represent the “best long-term solutions to the existential problems facing the world.”