Dev ChinnappaJack Dorsey, CEO of Twitter recently announced that he would be allocation 28% of his wealth to the global battle against COVID-19.
Dorsey joins a long list of notable entrepreneurs who are utilizing their considerable resources, and position to support the global effort. The amount of $1 Billion will be allocated to an entity called Start Small LLC. The entity will be operating transparently with transactions and donation open to be viewed by the public.
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
The initial allocation by Dorsey, has been drawn from his equity in Square, a fintech company started by him in 2009. Dorsey states that the reason for the creation of a new LLC is to facilitate the segmentation of funds and allow for flexibility. Grants will be made from the Start Small Foundation or directly from the LLC, depending on the beneficiary organization.
According to the publicly shared financials, a donation of $100,000 has already been made to America’s Food Fund, launched by Hollywood actor, Leonardo DiCaprio. Dorsey further announced that he plans to keep the program running after the pandemic has been disarmed, shifting its focus towards girl’s health and education.
Why is #startsmall a LLC? This segments and dedicates my shares to these causes, and provides flexibility. Grants will be made from Start Small Foundation or the LLC directly based on the beneficiary org. All transfers, sales, and grants will be made public in tracking sheet.
— jack (@jack) April 7, 2020
Business and individuals have continued to show support for the global struggle, donating PPE’s and ventilators, essentials, and more, in varying capacities. As the number of confirmed cases inches ever closer to the 1.5 million mark, now more than ever, action taken by high-profile entrepreneurs could prove to be invaluable.