Twitter and Square co-founder Jack Dorsey is moving $1 billion worth of stock to create Start Small LLC, a venture that initially will help fund coronavirus relief around the world.
At first, Start Small will grant funds to organizations focused on fighting the pandemic, according to the Mercury News and The Associated Press. All grants and transactions will be recorded on a public document, Dorsey said.
"After we disarm this pandemic, the focus will shift to girls' health and education, and UBI," Dorsey tweeted Tuesday, referring to universal basic income – a minimum income that the government would provide to citizens.
Dorsey, 43, added that the stock, which came from his Square equity, makes up an estimated 28% of his total wealth.
He said he decided to create the fund 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," Dorsey tweeted. "Life is too short, so let's do everything we can today to help people now."