Jack Dorsey Spends Big on Universal Basic Income

Twitter CEO donates $5M to be distributed through Andrew Yang's program
By Arden Dier,  Newser Staff
Posted May 21, 2020 1:15 PM CDT
Jack Dorsey Spends Big on Universal Basic Income
Twitter CEO Jack Dorsey leaves after his talk with French President Emmanuel Macron at the Elysee Palace in Paris on June 7, 2019.   (AP Photo/Francois Mori)

Jack Dorsey, the billionaire CEO of Twitter and Square, is donating $5 million to the nonprofit created by Andrew Yang to make the case for a universal basic income in America. Dorsey, a donor to the former Democratic presidential candidate's campaign, announced the donation to Humanity Forward while appearing on Yang's podcast on Monday, reports Rolling Stone. A UBI is "long overdue," Dorsey told the tech entrepreneur, whose campaign centered on a proposed $1,000 monthly payment to all adult Americans. Dorsey added "the only way we can change policy is by experimenting and showing case studies of why this works." The money is to be distributed in $250 increments to 20,000 people who've suffered economically in the pandemic, per the Verge.

"Not only will Jack's donation directly impact tens of thousands of people in need during the current economic downturn, it will help Humanity Forward and our movement continue to make a case for universal basic income in the United States," Yang said in a statement. Dorsey sees a UBI as important during the pandemic and well beyond. "Every single field is going to be touched by automation, and UBI to me represents … a floor that people can stand on, and have the knowledge and peace of mind that they could survive and eat and feed their children while they are learning how to transition into this new world," he said. Dorsey has already donated at least $87 million of a pledged $1 billion to coronavirus relief efforts, per Business Insider. (Spain is on board for a UBI.)

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