Twitter and Square founder Jack Dorsey announced Tuesday that he has moved $1 billion worth of Square equity into an LLC to fund COVID-19 relief, NBC News reported. This equates to around 28 percent of his total net-worth.
Dorsey’s investment in coronavirus relief is the most significant financial pledge by a private individual to date. Several other current and former tech executives, including Bill Gates and Jeff Bezos, have each pledged $100 million. Unlike other donors, Dorsey also promised to keep a consistently updated public record of all the donations. Once the pandemic is over, Dorsey said, the rest of the $1 billion will be dedicated to “girl’s health and education, and UBI,” which is short for Universal Basic Income, a program that calls for each person to receive a certain amount of money from the government every month.
Check It Out: Jack Dorsey Donates $1 Billion to COVID-19 Relief