TWITTER co-founder and chief executive Jack Dorsey yesterday said he is committing US$1 billion (RM4.4 billion) of his personal fortune to coronavirus relief through his philanthropic fund.

In a series of tweets, he said he will transfer his equity in his digital payments group, Square, to his limited liability corporation (LLC), Start Small, contributing around 28% of his overall wealth.

“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.”

The move could be the largest from a single individual for Covid-19 relief, and comes with the pandemic spanning the globe and inflicting a heavy toll in lives and economic devastation on the US.

Dorsey said after the pandemic ends, the fund will focus on health and education for girls, and “universal basic income” efforts.

The 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 start-ups and efforts that a foundation may be ineligible to fund.

“Why is #startsmall an LLC? This segments and dedicates my shares to these causes, and provides flexibility,” said Dorsey.

A document link tweeted by him showed that the new fund has already pledged US$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.

Dorsey’s net worth is estimated at US$3 billion, including his stakes in Twitter and Square.

He said he chose to use his equity from the payments group because “I own a lot more (in) Square”.

“The impact this money will have should benefit both companies over the long term because it’s helping the people we want to serve.”

Other technology entrepreneurs have pledged relief efforts in varying amounts.

Amazon founder Jeff Bezos has pledged US$100 million to help food-relief efforts during the pandemic, and Zuckerberg has offered more than US$25 million to help research through the Bill & Melinda Gates Foundation.

The Gates Foundation last month pledged US$125 million for research, but is believed to be investing more in a variety of projects. – AFP, April 8, 2020.