Twitter CEO Jack Dorsey Donates $3 Million to Test Universal Basic Income

Dorsey already announced in April that he would commit $1 billion of his personal fortune to coronavirus relief through his philanthropic fund.

Twitter CEO Jack Dorsey Donates $3 Million to Test Universal Basic Income

Twitter CEO Jack Dorsey noted on Twitter that the sum "is one tool to close the wealth and income gap"

Highlights
  • Jack Dorsey said his new fund would create economic security for families
  • Universal basic income is a controversial topic in US politics
  • Dorsey earlier announced a fund to provide health and education for girls
Advertisement

Twitter chief executive Jack Dorsey has said he will donate $3 million (roughly Rs. 22.55 crores) to a group of US mayors to experiment with the creation of universal basic income.

The sum will go to the group Mayors for a Guaranteed Income (MGI), a coalition of leaders from 16 cities who are in favour of universal basic income — regular payments to residents generally meant to fight poverty and meet citizens' basic needs.

"This is one tool to close the wealth and income gap, level systemic race and gender inequalities, and create economic security for families," Dorsey, whose fortune is estimated at $7.3 billion (roughly Rs. 54,866 crores) by Forbes magazine, tweeted Thursday.

MGI responded that "the entire network is so appreciative of this support. Together, we can make the American economy work for everyone."

The group includes mayors from a geographically diverse array of US cities such as Atlanta, Seattle and Los Angeles.

Dorsey already announced in April that he would commit $1 billion of his personal fortune to coronavirus relief through his philanthropic fund.

Once the pandemic ends, he said, the fund would focus on health and education for girls and "universal basic income" efforts.

Universal basic income, a controversial topic in US politics, has been lambasted by many as too costly or too "socialist."

However, former Democratic presidential candidate Andrew Yang argued for it on the campaign trail, proposing to provide every American age 18 and older with $1,000 a month.

Since Yang's departure from the race, the virus crisis has created a spike in unemployment, with 18 million people on the jobless rolls through the week ended June 27.

The US could suffer a second wave of layoffs as more states see spiking case counts, and once expanded jobless benefits expire.

 

Poco M2 Pro: Did we really need a Redmi Note 9 Pro clone? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Twitter, Jack Dorsey
Facebook Repairs Bug That Prompted Brief iOS App Outages
Facebook, Instagram Ban Content Promoting 'Conversion Therapy'
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »