The Chief Executive Officer of two famous companies Twitter and Square, Jack Dorsey has always been someone who showed interest in charity. With the COVID-19 pandemic hitting all the countries across the world unannounced, Jack is again in the news for doing the best he can to help the less fortunate.
‘Start Small LLC’ and its goals
Keeping this in mind, he created a new charity fund that would be backed by around $1 billion of his share at Square. This amount contributes to an estimated 28% of his total wealth!
Jack pledged to use these resources solely for the welfare of the public. This fund, which is named ‘Start Small LLC’, would be initially focusing on tackling COVID-19.
After the coronavirus pandemic is contained, this fund will shift its attention towards girls’ education and health. Jack Dorsey also plans on using this fund for driving the idea of universal basic income – which is a regular cash payment made by the government to its citizens.
I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: https://t.co/hVkUczDQmz
— jack (@jack) April 7, 2020
When asked about his choices of funding, Dorsey replied in a tweet that, “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.”
Why have a separate Limited Liability Company (LLC)?
Dorsey believes that having a separate LLC will allow for flexibility and will help him concentrate on his dedication towards the causes. The Start Small LLC is going to hand out grants directly to the beneficiaries. Dorsey had previously given away $40 million anonymously but this time he wants to make his donations public so that he and others can learn better.
Why is #startsmall a LLC? This segments and dedicates my shares to these causes, and provides flexibility. Grants will be made from Start Small Foundation or the LLC directly based on the beneficiary org. All transfers, sales, and grants will be made public in tracking sheet.
— jack (@jack) April 7, 2020
Following this, Dorsey sent out another tweet that said, “Suggestions welcome. Drop your cash app ;)”
Square was founded in the year 2009 by Jim Mckelvey and Dorsey. It has, since then, continued to grow its market share as an alternative payments company for the traditional payments infrastructures. In the year 2013, Square launched a Cash App that allowed its users to transfer money and also invest at the same time, creating a new space for investors.
A fund open to the public’s eyes
Dorsey created a public spreadsheet, in which all the transactions made by the LLC will be shared in a transparent manner. The first transaction was one of $100,000 that was given by him to America’s Food Fund.
And why did he start of Start Small LLC right away? Because he wanted to meet the increasingly urgent needs that will impact the entire world right now.
Why now? The needs are increasingly urgent, and I want to see the impact in my 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. ✌🏼
— jack (@jack) April 7, 2020
Dorsey said, “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.”
We can’t agree more! If not anything, the coronavirus pandemic has taught us how unpredictable and short life can be. We must do our best to help our fellow beings. What do you think?
