Dorsey’s $15 million will have an impact
Twitter and Square CEO Jack Dorsey has contributed $15 million to San Francisco’s COVID19 Response and Recovery Fund, which distributes money from private donations to people and businesses impacted by the novel coronavirus.
The donation, channeled through Start Small, a limited liability company Dorsey is using to fund COVID19 relief efforts, more than doubles the $11.3 million Give2SF had raised to date. Last month, Dorsey said he would pump $1 billion of his Square equity into Start Small, a figure representing about 28% of his fortune, he said.
Dorsey’s net worth is estimated at $4.6 billion, according to Forbes.
City officials said Tuesday that Dorsey’s donation would be split evenly across Give2SF’s pri
ority areas, with $5 million each going toward food security, housing access, and small businesses and worker support. The fund also provides aid to undocumented people who may not be able to access social safetynet programs.
“COVID19 affects us all, but disproportionately affects those who were already in need,” Dorsey said in a statement. “It’s important to acknowledge this fact and provide more support to those who are struggling.”
Lowincome neighborhoods and communities of color in San Francisco have been among the hardest hit by the pandemic. Undocumented individuals and families face an even steeper burden given their inability to apply for federal stimulus relief or loan programs because of their immigration status.
“This donation will make a critical difference in the lives of thousands of undocumented, mixedstatus and lowincome San Franciscans who are struggling during the COVID19 pandemic,” Mayor London Breed said. “With the $15 million from Start Small, we’ll help people get food on the table, remain in their homes and receive the financial assistance they need to make it through this emergency.”
San Francisco officials said Dorsey’s $15 million will support 5,000 households with over three months of grocery gift cards, meals and other foodrelated support; 1,250 households with up to $3,000 for housing costs and utilities; financial relief for immigrant workers, and 0% interest loans to small businesses.
Dorsey’s donation comes comes amid growing calls for
San Francisco’s ultrawealthy to increase their contributions to charitable endeavors helping to ease some of the pain caused by the pandemic and the rippling economic effects of the regionwide shutdown.
Last year, a report from
WealthX, which tracks data related to the extremely affluent, found that San Francisco had the highest number of billionaires per capita of any city in the world, with one person in the 10figure club for every 11,600 residents. The city has the thirdhighest number of billionaires in the world, at 75, behind New York and Hong Kong, according to the report.
On Monday, Dorsey donated $10 million to Reform Alliance, a prisonreform nonprofit founded by rappers Meek Mill and JayZ and businessman Mike Rubin.
Dorsey’s charitable activities have drawn scrutiny in the past , in large part because his purported philanthropic efforts have been difficult or impossible to verify.
San Francisco officials confirmed that the money had already been wired to Give2SF’s accounts. The fund has disbursed $8.95 million to date.