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Jack Dorsey says he’s moving 28% of his wealth to fund COVID-19 relief and other causes

Dorsey promised to be transparent about how the money is used.

Jack Dorsey says he’s moving 28% of his wealth to fund COVID-19 relief and other causes
[Photo: Victor Boyko/Getty Images]
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Billionaire Jack Dorsey says he’s moving a sizable chunk of his stake in Square “to fund global COVID-19 relief” as well as “[girls’] health and education, and UBI.”

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The dual CEO of Twitter and Square announced he is transferring an equivalent of $1 billion, or “28% of my wealth,” to an LLC called Start Small. Dorsey pledged to document how the money is used in a public Google spreadsheet.

Forbes wrote last year that Dorsey’s LLC is a “donor-advised fund.” The New York Times has described these types of funds as “a sort of charitable checking account with serious tax benefits and little or no accountability.” The opaqueness of such entities may be why Dorsey made it a point to mention the word transparency in a thread announcing the news.

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Dorsey closed his announcement by saying he hopes his decision “inspires others to do something similar.”