Billionaires have faced lots of criticism before for the way they accumulate their wealth and skimp on giving back to their community. Now, it looks like a lot of them have been stepping up to use their fortune to help those in need during the ongoing global crisis. One of them is Twitter CEO Jack Dorsey who just made a donation so large hat it practically overshadows his fellow billionaires’.
Pledging a Billion
That’s right. The 43-year-old businessman has just pledged a whopping billion dollars of his own wealth to start a fund called Start Small, LL C.
For now, the fund would be focusing on efforts to find a vaccine for COVID-19, a disease caused by the novel coronavirus. However, Dorsey is also reportedly working on other causes like Universal Basic Income and the health and education of girls in the future.
Even more impressive is that he’s planning to make these activities transparent and has even created an accessible spreadsheet to track everything. According to the latest updates, the fund has given away $100,000 to America’s Food Fund, an effort begun by actor Leonardo DiCaprio and businesswoman Laurene Powell.
Inspiring Others
Speaking about his decision to create Start Small with a not-so-small $1 billion start, Dorsey comments on how urgent the current needs are. However, he also shared that he’s beginning his charitable efforts now so he can see the impact of it during his lifetime. In the end, he wants to inspire other people to do something similar and help others who are struggling during these testing times.
Meanwhile, his fellow billionaires have certainly done their part when it comes to tackling the coronavirus pandemic. Amazon CEO Jeff Bezos, who is currently worth $139.4 billion, has pledged $100 million to Feeding America. Known philanthropists Bill and wife Melinda Gates also announced a generous donation of $100 million to find a vaccine for the virus as well as other possible treatments.
Interesting Timing
Some sources can’t help but point out the timing of Dorsey’s generous donation and his openness about his financial affairs. Apparently, there might be some trouble brewing within his social media company, Twitter.
Hedge fund manager Paul Singer has reportedly bought a $1 billion stake in Dorsey’s company as he wants to buy out its CEO. It’s also worth noting that Singer and Dorsey hold opposing political views with the former being a Republican donor and the latter being a donor to Democratic candidates.
