Twitter and Square CEO Jack Dorsey announced yesterday that he is moving $1 billion of his Square equity into his Start Small LLC to help fund COVID-19. Dorsey clarified that the money moved towards his philanthropic company constitutes 28% of his wealth.

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

Prior to the announcement, Dorsey's Start Small fund was a donor-advised charitable fund that did not have to disclose where its donations were going. Dorsey announced he planned to change that and provided a Google spreadsheet which illustrates where money from the fund will be going. He also announced that after the pandemic is overcome, the Start Small fund will focus on Universal Basic Income and girl's health and education.

“Why now?" Dorsey tweeted. "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's surprising announcement earned him a healthy amount of praise from notoriously antagonistic Twitter users. Many applauded Dorsey's large donation and noted that other multi-billionaires had given inadequately in comparison.

Massive respect to Twitter CEO, Jack Dorsey, who is moving $1 billion of his total equity wealth to fund global #Coronavirus relief.
👇 https://t.co/yqOHw2bFcm

— James Melville (@JamesMelville) April 8, 2020

Anyone who pledges 28% of their wealth to fighting the global pandemic and advocating for girl’s health and ed. is a hero. When @Jack donates 28% of his wealth, $1BB, to these causes he rises to the rank of superhero in my eyes. The world is still inherently good. Well done Jack. https://t.co/TxQ8c270Bb

— Lou Paskalis 🆘 (@LouPas) April 8, 2020

Jack Dorsey’s net worth: ~$3 billion

Bill Gates’ net worth: ~$100 billion pic.twitter.com/rrY9RU8n4T

— Ken Klippenstein (@kenklippenstein) April 7, 2020

Jack Dorsey has donated more to coronavirus efforts than Jeff Bezos, Mark Zuckerberg, and Bill Gates combined. Those three men are all much richer than Dorsey. Dorsey donated about 28% of his wealth. Nothing but the utmost respect for this man. https://t.co/HayavXUuIv

— UGene🐝 (@EugeneGlukh) April 7, 2020

Jack Dorsey is giving $1B of his $3.3B wealth to help with Coronavirus relief effort. That’s the equivalent of Bill Gates giving $29.7B or Jeff Bezos giving $35.1B. pic.twitter.com/JWgglKNIkp

— Jer Johns (@aplacecalledjer) April 8, 2020