Twitter Founder Jack Dorsey Pledges $1bn To Fight Coronavirus Pandemic
Whilst he didn't say exactly where the money will go to, there are plenty of suitable cases for an influx of cash like this.
Over in the USA, there is a shortage of ventilators, as well as a shortage of personal protective equipment for those working on the frontline in healthcare.
On top of that, there are also businesses and individuals who have been left in financial turmoil, either through loss of jobs or revenue as a result of restrictions put in place to fight the virus and slow the spread.
The 43-year-old will use shares that he owns in Square - which he is the chief executive of, alongside his similar role at Twitter - to fund these donations.
The money will be distributed through the Start Small Foundation.
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Dorsey said that if the coronavirus pandemic is defeated by the time there is still money left, the funds will then change and be diverted to girls health and education, as well as to research into universal basic income.
Dorsey wrote: "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."
He then shared a link to a Google document through which the full transparency of his donations can be tracked and observed.
He added: "Why the transparency? It's important to show my work so I and others can learn. I've discovered and funded ($40mm) many orgs with proven impact and efficiency in the past, mostly anonymously. Going forward, all grants will be public."
"Why now? 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 isn't the only one to be donating large sums of money to fight the virus.
Facebook founder Mark Zuckerberg has donated $30m to finding an effective treatment, and Jeff Bezos has donated $100m to food banks in the USA.
Apple's chief executive Tim Cook announced back in March that the tech giant would donate medical supplies to Italy.
Featured Image Credit: PA