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The 43-year-old billionaire made the announcement on Twitter in a series of posts outlining where the money will go.
“I’m moving $1B of my Square equity (28% of my wealth) to #startsmall LLC to fund global COVID-19 relief,” Dorsey wrote.
Dorsey said he would transfer shares from Square instead of Twitter because he owns more stock in Square. All transfers, sales and grants to the foundation will be made transparent with a public tracking sheet, he said.
Dorsey said he pledged the money because the “needs are increasingly urgent” and he wants to see the impact in his lifetime.
“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,” he said.
Dorsey’s pledge follows Bill Gates’ charity vowing to dedicate up to $100 million to combat the pandemic. The pledge from the Bill & Melinda Gates Foundation included up to $20 million that will go toward detecting, isolating and treating the virus with the goal of containing it.