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.”
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.
Why the transparency? It’s important to show my work so I and others can learn. I’ve discovered and funded ($40mm) many orgs with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public. Suggestions welcome. Drop your cash app 😉
— jack (@jack) April 7, 2020
Dorsey closed his announcement by saying he hopes his decision “inspires others to do something similar.”