Jack Dorsey Vows to Donate $1 Billion to Fight the Coronavirus

Oprah Winfrey has donated more than $10 million of her personal wealth to Covid-19 relief efforts, while other Hollywood personalities — including Justin Timberlake, Dolly Parton and Rihanna — have also made contributions. Last week, the Amazon chief executive, Jeff Bezos, said he would donate $100 million to American food banks through a nonprofit, Feeding America. And Mark Zuckerberg, chief executive of Facebook, has also organized relief campaigns through Facebook and his own philanthropic organization, the Chan Zuckerberg Initiative.

Even so, Mr. Dorsey’s contribution stands out for the sum he is putting in and for how much of his net worth that represents.

Square declined a request for an interview with Mr. Dorsey. Twitter declined to comment.

In creating a limited liability company, Mr. Dorsey is following a model that Mr. Zuckerberg has used. In 2015, when Mr. Zuckerberg and his wife, Priscilla Chan, set up the Chan Zuckerberg Initiative, it was organized as an L.L.C., holding much of their wealth to fund charitable causes.

At the time, critics said the vehicle was a self-serving maneuver that allowed Mr. Zuckerberg to engage in private lobbying, for-profit investment and political donations. Mr. Zuckerberg pushed back, saying a limited liability company gave him and his wife more control over how their resources would be put to use.

Article source: https://www.nytimes.com/2020/04/07/technology/jack-dorsey-donate-1-billion-coronavirus.html