The founder and CEO of Twitter Jack Dorsey announced a pledge of more than a quarter of his wealth to fund charitable causes. Currently, the focus of the fund will be for COVID-19 relief efforts, says an article.

Transfer of Wealth

According to Dorsey's tweets on Tuesday, he will allot $1 billion of his fortune in Square to a limited liability company named Start Small. Square is a digital payments business that Dorsey co-established.

Sharing 28% of His Total Net Worth for Charity

The founder of one of the biggest social media platform in the world shared that the amount he will transfer to Start Small is 28% of his total net worth.

Where Will the Funds Go?

America's food Fund will receive $100,000, which will be used to provide meals to those who are affected by the COVID-19 crisis, stated through a Google Doc Dorsey shared for tracking all grants.

However, Twitter's CEO did not specify how much of the $1 billion pledge will be allocated for COVID-19 crisis relief and to other charitable causes after the end of the COVID-19 crisis.

What to Do with the Fund after the COVID-19 Crisis?

Dorsey stated that after the COVID-19 crisis, the focus of the fund would be for the health and education of girls, as well as universal basic income. He believes that those are the best long-term answers to existential issues present in the world.

Check these out:

Certified Recovered: Potential Army Against COVID-19

Proper Handling of Face Masks is Advised as the Coronavirus Can Thrive on Face Masks for 7 Days

One of the Richest Men in Mexico, Jerónimo Arango Arias, Dies

What are Other Companies Doing to Help with the COVID-19 Crisis?

Other large tech companies had also exerted similar efforts to help combat the negative consequences of the COVID-19 crisis.

The CEO of Amazon, Jeff Bezos, and the co-founder of Microsoft Bill Gates had both pledged $100 million to help with COVID-19 crisis relief efforts.

Other Companies are also utilizing their available resources to support the global fight against the deadly COVID-19.

Last Month, Google allotted $800 million, the majority of which in ad grants to small businesses and healthcare groups.

Also, Facebook employed a similar ad credit campaign, while cooperating with global officials to combat misinformation on its platform.

Alibaba, SoftBank, and Apple are also providing millions of respirator masks to medical workers.

Helping Out Small Businesses

Businesses situated in Bellevue, Washington and the Regrade communities of Seattle, can apply online for a grant from the $5 million funds from Amazon, says a recent article. On a case-by-case basis, Amazon will determine the value of the grant, for which the business qualifies.

Businesses with a maximum of 50 employees or with annual revenue not exceeding $7 million will be qualified for the grant.

Facebook also pledged to offer approximately 30,000 small businesses with $100 million in cash grants and Facebook advertising credits. The donations will be granted to small businesses in 30 different nations.