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Twitter's Jack Dorsey pledges $1 billion for coronavirus relief efforts

That's about a-third of his fortune and may be most any one person has given to that cause so far, CBS NEWS reported.

ST. LOUIS — St. Louis native and Twitter and Square CEO Jack Dorsey is stepping up in a big way to help fight the ongoing COVID-19 pandemic.

Dorsey announced on Twitter Tuesday that he is moving $1 billion of his Square equity fund to global relief efforts.

"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," Dorsey tweeted.

The Bishop DuBourg grad went on to explain his decision in a series of tweets.

"Why [universal basic income] 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," Dorsey tweeted.

"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," Dorsey tweeted.

"Why the transparency? It’s important to show my work so I and others can learn. I’ve discovered and funded ($40mm) many orgs with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public. Suggestions welcome. Drop your cash app ;)," Dorsey explained.

"Why pull just from Square and not Twitter? Simply: I own a lot more Square. And I’ll need to pace the sales over some time. The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve," Dorsey tweeted.

"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," Dorsey tweeted. 

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