Twitter CEO Jack Dorsey donates $3M for universal basic income program
16 mayor lead guaranteed income effort
FOX Business’ Charlie Gasparino on the latest news surrounding Twitter and its management.
Twitter founder and CEO Jack Dorsey on Thursday announced a $3 million donation to a group of 16 mayors leading a universal basic income (UBI) pilot program.
The donation is part of Dorsey's commitment to give $1 billion, or 28 percent of his net worth, to coronavirus relief, education for women and UBI experimentation through his Start Small fund.
"$3M to @MichaelDTubbs and @mayorsforagi for #guaranteedincome programs in cities across the country. This is one tool to close the wealth and income gap, level systemic race and gender inequalities, and create economic security for families," Dorsey tweeted Thursday evening.
Mayors for a Guaranteed Income is a coalition of 16 mayors who support an unconditional "monthly, cash payment given directly to individuals," according to MGI's website.
"The entire network is so appreciative of this support. Together, we can make the American economy work for everyone," MGI tweeted Thursday in response to Dorsey's tweet.
Members of the coalition also tweeted their thanks in response to the news. Mayor Libby Schaff of Oakland, California, said guaranteed income is "a big step towards achieving economic security for all!"
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Dorsey also donated $5 million for former Democratic presidential candidate and entrepreneur Andrew Yang's nonprofit Humanity Forward, aimed at promoting universal basic income policy. Yang, who campaigned on the idea of implementing UBI on a national level, follows MGI's Twitter account and retweeted news of the $3 million donation.
On top of UBI experimentation, COVID-19 relief and educational opportunities for girls, Dorsey has also donated millions to Black-owned businesses, organizations and civil rights groups since George Floyd, a black Minneapolis man, died in custody after a white police officer kneeled on his neck for eight minutes.