Dorsey said in a series of tweets Tuesday that the funds will come from his equity in the other company he runs, payments platform Square, adding that it represents approximately 28% of his wealth.
He said the money will be routed through limited liability company Start Small, and all transactions will be tracked on a public Google Docs spreadsheet in the interest of transparency.
According to Dorsey, once the coronavirus pandemic is contained, the funds will be shifted to girls’ health, education and universal basic income.
He also addressed several obvious questions in his tweets.
Dorsey said he went the LLC route for flexibility, and all transfers, sales and grants will be made public via the Google Docs spreadsheet, adding, “Why the transparency? It’s important to show my work so that I and others can learn. I’ve discovered and funded ($40 million) many orgs with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public.”
According to Dorsey, he chose to take the funds from his stake in Square simply because he owns more of that company, and he wants to pace his sales.
Explaining his post-Covid-19 plans for the money, he wrote, “Why UBI and girls’ health and education? I believe they represent the best long-term solutions to the existential problems facing the world. UBI is a great idea needing experimentation. Girls’ health and education is critical to balance.”
Dorsey concluded his tweetstorm with, “Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime. I hope this inspires others to do something similar. Life is too short, so let’s do everything we can today to help people now.”
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— jack (@jack) April 7, 2020