Story at a glance
- Tech entrepreneur Jack Dorsey will donate $5 billion to Andrew Yang's foundation.
- The money will go toward constructing a universal basic income for Americans.
Twitter founder and CEO Jack Dorsey is donating $5 million dollars to businessman and former Democratic presidential candidate Andrew Yang’s group Humanity Forward as a foundation to build a universal basic income (UBI).
Rolling Stone reports that Dorsey plans to give $1 billion of his wealth through a fund called Start Small. The official announcement was reportedly made on Yang’s podcast, “Yang Speaks.”
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Dorsey reportedly agreed with Yang that a UBI was “long overdue” and that “the only way we can change policy is by experimenting and showing case studies of why this works.”
Rolling Stone writes that Dorsey sees a UBI as a safety net for a rapidly changing economy, especially one that is currently reeling from the coronavirus lockdowns.
“Every single field is going to be touched by automation, and UBI to me represents a floor,” Dorsey says. “A floor that people can stand on, and have the knowledge and peace of mind that they could survive and eat and feed their children while they are learning how to transition into this new world.”
While running for the Democratic nomination, Yang made UBI a pillar of his campaign. Under the policy, every adult American would be guaranteed payments of $1,000 per month, amounting to a base income of $12,000 annually. He called this the "Freedom Dividend," which he proposed to pay for through the consolidation of select social welfare programs and the implementation of a Value Added Tax of 10 percent.
Dorsey has recently made major announcements regarding his companies’ workplace structure; he just permitted all Twitter and Square employees to work remotely permanently — regardless of whether or not the California government lifts stay-at-home orders.
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