Jack Dorsey, the billionaire CEO of Twitter and mobile-payment company Square, is giving $5 million to Humanity Forward, a group launched by former Democratic presidential candidate Andrew Yang to build the case for a universal basic income.
Dorsey, who plans to give away $1 billion of his wealth through a fund called Start Small, announced the seven-figure donation on the newest episode of Yang’s podcast, “Yang Speaks.” Dorsey told Yang that a universal basic income, or UBI, was a “long overdue” idea and “the only way we can change policy is by experimenting and showing case studies of why this works.”
Yang says Humanity Forward plans to immediately distribute Dorsey’s contribution in the form of small cash grants of $250 to nearly 20,000 people who’ve lost their jobs or taken an economic hit as a result of the Covid-19 pandemic. Yang’s group has already given away nearly $2 million in direct cash assistance to help communities reeling from the coronavirus pandemic.
Source: Rolling Stone