<p>Twitter co-founder and chief executive Jack Dorsey said Tuesday he was committing $1 billion of his personal fortune to coronavirus relief through his philanthropic fund.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-news-live-updates-indias-total-number-of-cases-crosses-5100-toll-at-154-817763.html">Follow latest updates on the COVID-19 pandemic here</a></strong></p>.<p>Dorsey said in a series of tweets that he would transfer his equity in his digital payments group Square to his limited liability corporation Start Small, contributing around 28 percent of his overall wealth.</p>.<p>"Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime," Dorsey said.</p>.<p>"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."</p>.<p>The move could be the largest from a single individual for coronavirus relief and comes with the pandemic spanning the globe and inflicting a heavy toll in lives and economic devastation on the United States.</p>.<p>Dorsey said that after the pandemic ends, the fund would focus on health and education for girls and "universal basic income" efforts.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/national/coronavirus-india-update-state-wise-total-number-of-confirmed-cases-deaths-on-april-8-822699.html">Coronavirus India update: State-wise total number of confirmed cases, deaths</a></strong></p>.<p>Dorsey, who is CEO of both Twitter and Square, has created a foundation as well as the Start Small LLC -- a model similar to that established by Facebook founder Mark Zuckerberg in his Chan-Zuckerberg Initiative, to allow for flexibility in funding startups and efforts a foundation may be ineligible to fund.</p>.<p>"Why is #startsmall a LLC? This segments and dedicates my shares to these causes, and provides flexibility," Dorsey said.</p>.<p>A document link tweeted by Dorsey showed the new fund had already pledged $100,000 to a new initiative called America's Food Fund launched by Laurene Powell Jobs, the widow of Steve Jobs, and actor Leonardo DiCaprio.</p>.<p>Dorsey's net worth is estimated at about $3 billion including his stake in Twitter and Square.</p>.<p>He said he chose to use his equity from the payments group because "I own a lot more Square."</p>.<p>"The impact this money will have should benefit both companies over the long-term because it's helping the people we want to serve," he said.</p>.<p>Other technology entrepreneurs have pledged relief efforts in varying amounts.</p>.<p>Amazon founder Jeff Bezos has pledged $100 million to help food relief efforts during the pandemic, and Zuckerberg has offered more than $25 million to help research through the Bill & Melinda Gates Foundation.</p>.<p>The Gates Foundation last month pledged $125 million for research but is believed to be investing more in a variety of projects.</p>
<p>Twitter co-founder and chief executive Jack Dorsey said Tuesday he was committing $1 billion of his personal fortune to coronavirus relief through his philanthropic fund.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-news-live-updates-indias-total-number-of-cases-crosses-5100-toll-at-154-817763.html">Follow latest updates on the COVID-19 pandemic here</a></strong></p>.<p>Dorsey said in a series of tweets that he would transfer his equity in his digital payments group Square to his limited liability corporation Start Small, contributing around 28 percent of his overall wealth.</p>.<p>"Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime," Dorsey said.</p>.<p>"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."</p>.<p>The move could be the largest from a single individual for coronavirus relief and comes with the pandemic spanning the globe and inflicting a heavy toll in lives and economic devastation on the United States.</p>.<p>Dorsey said that after the pandemic ends, the fund would focus on health and education for girls and "universal basic income" efforts.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/national/coronavirus-india-update-state-wise-total-number-of-confirmed-cases-deaths-on-april-8-822699.html">Coronavirus India update: State-wise total number of confirmed cases, deaths</a></strong></p>.<p>Dorsey, who is CEO of both Twitter and Square, has created a foundation as well as the Start Small LLC -- a model similar to that established by Facebook founder Mark Zuckerberg in his Chan-Zuckerberg Initiative, to allow for flexibility in funding startups and efforts a foundation may be ineligible to fund.</p>.<p>"Why is #startsmall a LLC? This segments and dedicates my shares to these causes, and provides flexibility," Dorsey said.</p>.<p>A document link tweeted by Dorsey showed the new fund had already pledged $100,000 to a new initiative called America's Food Fund launched by Laurene Powell Jobs, the widow of Steve Jobs, and actor Leonardo DiCaprio.</p>.<p>Dorsey's net worth is estimated at about $3 billion including his stake in Twitter and Square.</p>.<p>He said he chose to use his equity from the payments group because "I own a lot more Square."</p>.<p>"The impact this money will have should benefit both companies over the long-term because it's helping the people we want to serve," he said.</p>.<p>Other technology entrepreneurs have pledged relief efforts in varying amounts.</p>.<p>Amazon founder Jeff Bezos has pledged $100 million to help food relief efforts during the pandemic, and Zuckerberg has offered more than $25 million to help research through the Bill & Melinda Gates Foundation.</p>.<p>The Gates Foundation last month pledged $125 million for research but is believed to be investing more in a variety of projects.</p>