Twitter (TWTR) - Get Report and Square (SQ) - Get Report CEO Jack Dorsey tweeted Tuesday late afternoon that he’s donating $1 billion of his equity in Square, or 28% of his net worth, to start an organization to fund global Covid-19 relief. He said that after the pandemic is disarmed, the organization would shift to focusing on girl’s heath and education, as well as universal basic income.
Dorsey plans to distribute the funds through an LLC called the Start Small Foundation. He wrote that he will keep everything transparent, with all transfers, sales and grants to be made public in a tracking sheet, and that organizing as an LLC would give him maximum flexibility to donate the funds.
Dorsey added that he wanted to do something big now in order to see the impact of his donation in his lifetime, and is pulling the funds from Square rather than Twitter because he owns more of Square and because he’ll need to pace the sales of stock over time.
In a follow-up tweet, Dorsey said that he had chosen UBI and girl’s health and education as causes because he feels they represent “the best long-term solutions to the existential problems facing the world.”
Square shares were down 0.8% to $49.89 in after-hours trading on Tuesday.