Jack Dorsey, the co-founder of Twitter, pledged $1 billion of his personal fortune to help people affected by the COVID-19 pandemic in April 2020.
The announcement marked one of the largest individual financial commitments to pandemic relief at the time. Dorsey said the money would come from his shares in Square, his digital payments company, and would be managed through his charitable fund, Start Small LLC.
According to BBC, the pledge represented about 28% of his wealth at the time. Dorsey announced the plan on Twitter, now called X, on April 7, 2020, explaining that the growing needs caused by the pandemic made urgent action necessary.
“Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime,” Dorsey said, per CBS News.
He also hoped his decision would encourage other wealthy people to support those in need.
Jack Dorsey, co-founder and chief executive officer of Twitter Inc., speaks during an event at the 2019 Consumer Electronics Show (CES) in Las Vegas, Nevada.Photographer: David Paul Morris/Bloomberg via Getty Images
“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.”
The money was intended to support COVID-19 relief efforts as the health crisis spread around the world. The pandemic had placed heavy pressure on hospitals, workers, businesses and families. In the United States, shortages of medical supplies and financial struggles added to the challenges.
Dorsey said the fund would later support girls’ health and education, along with research and efforts related to universal basic income, a system in which people receive regular payments to help cover their basic needs.
Dorsey planned to move about 19.8 million shares of Square into Start Small LLC to fund the donations, Wall Street Journal reported. He chose Square shares instead of Twitter shares because he owned a larger stake in the payments company.
At the time, Dorsey served as chief executive officer of both Twitter and Square. He had become Twitter’s CEO when the social media company was founded in 2007, helping lead the platform during its early years.
Dorsey also co-founded Square, which developed payment tools that allowed businesses to accept card payments.
His decision to use Square shares was also tied to his belief that helping people could benefit both companies over 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,” he said.
Rather than sending the entire amount to one organization, Start Small LLC was set up to distribute money to different causes. Dorsey also shared a public document to track the fund’s donations, allowing people to follow where the money went.
The fund had already pledged $100,000 to America’s Food Fund, an initiative launched by Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs and actor Leonardo DiCaprio. The initiative aimed to help people facing food shortages and hunger during the pandemic.
Dorsey’s $1 billion pledge was not limited to the immediate health crisis. He said Start Small would turn its attention to other social needs once the pandemic had been brought under control.
Two of the planned areas were girls’ health and education. These efforts were intended to support causes that could improve lives beyond the emergency.
He also named universal basic income, often shortened to UBI, as a future focus. The idea involves giving people regular payments that help them meet essential living costs. Supporters study it as one possible way to address poverty and financial insecurity.
Dorsey’s pledge came as other major technology leaders announced donations to help people affected by COVID-19.
Amazon founder Jeff Bezos pledged $100 million toward food relief in the United States. Facebook founder Mark Zuckerberg also committed millions of dollars to coronavirus-related research and other relief efforts. The Bill & Melinda Gates Foundation announced $125 million for research and efforts to respond to the outbreak.
Apple chief executive Tim Cook also announced that the company would provide medical supplies to Italy, one of the countries heavily affected by the pandemic.
For Dorsey, the $1 billion commitment was a major decision involving a large part of his personal wealth.
Related: Magic Johnson revealed his HIV diagnosis in 1991 and retired from the NBA; his foundation has since provided more than 40,000 free HIV screenings nationwide
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