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Here’s why Twitter billionaire Jack Dorsey wants to give all his money away

Report by Catherine Clifford

Twitter and Square co-founder and CEO Jack Dorsey is worth $4.9 billion, according to Forbes.

But the 43-year-old college drop-out says he plans to give away all of his money within his lifetime.

Why?

“I live by the principle of everything is connected, so if someone is in pain, I’m in pain, ultimately, over time,” Dorsey told former Democratic presidential hopeful and universal basic income advocate Andrew Yang on an episode of the “Yang Speaks” podcast published Thursday.

“I want to make sure that I’m doing whatever I can in my lifetime to help that through my companies’ works, through my own personal giving,” Dorsey told Yang.

On April 7, pledged (on Twitter, of course) to transfer $1 billion worth of his shares of Square to fund a combination of Covid-19 relief efforts, universal basic income and support for girls’ health and education. At the time, that was approximately 28% of his net worth.

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

“I’m in a situation that I never imagined when I was a kid or [even] when I was 25,” Dorsey told Yang. “I didn’t have any aspect of what money would mean until I was, probably 35.” (Dorsey’s first appearance on the Forbes billionaires list was in 2012.)

“I’m so grateful, but part of gratitude is not just saying I’m grateful, it’s doing,” Dorsey told Yang.

For Dorsey, that means giving his money to worthy causes.

“I want to give out all my money in my lifetime. I want to see the impacts, selfishly, in my lifetime,” Dorsey told Yang. “I want to make sure that we’re helping people.”

Dorsey is publicly tracking his $1 billion donation via a Google Document. Because the contribution is in stock and the value of the stock has increased, the donation

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