Jack Dorsey committing $1 billion to coronavirus relief efforts

Jack Dorsey committing $1 billion to coronavirus relief efforts
© Greg Nash

Twitter founder Jack Dorsey announced Tuesday that he would transfer $1 billion of his equity in Square to a new foundation that will support coronavirus relief efforts before transitioning later to focus on other causes.

In a Twitter thread, the billionaire CEO explained that the newly founded Start Small Foundation would support "global COVID-19 relief" efforts before transitioning after the pandemic's resolution to focus on supporting universal basic income (UBI) experiments as well as health and education efforts aimed at young women.

"After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI," Dorsey wrote.

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"Why UBI and girl’s health and education? I believe they represent the best long-term solutions to the existential problems facing the world. UBI is a great idea needing experimentation. Girl’s health and education is critical to balance," he added.

Universal basic income drew greater national prominence as the central tenet of entrepreneur Andrew YangAndrew YangAndrew Yang discusses his universal basic income pilot program Andrew Yang on the George Floyd protests in Minneapolis McConnell challenger on how Yang endorsement could help him MORE's presidential campaign last year. The former Democratic contender thanked Dorsey on Tuesday for his investment.

Dorsey retained leadership of Twitter last month after a deal with activist investor firm Elliott Management allowed him to stay on as CEO despite reservations about his dual role as CEO for both Twitter and Square.