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The latest $15 million donations made by Jack Dorsey comes as the second time the billionaire CEO will be making such a move.
Tech icon and Twitter Inc (NYSE: TWTR) Chief Executive Officer (CEO) Jack Dorsey has donated $15 million dollars to fund guaranteed income initiatives in US cities. As reported by CNBC, the funds donated by the Twitter CEO Jack Dorsey will go to Mayors for a Guaranteed Income, a non-profit organization consisting of a coalition of about 30 mayors across the country.
The coming of the coronavirus pandemic ushered in a great deal of economic downturn as reflected in the inability of Americans to maintain a basic income for everyday survival. With the funds provided by the Twitter CEO, each participating mayor, and the city they represent will get $500,000 which they are at liberty to allocate setting their own qualifications for indigent residents and the amount to dish out.
The idea behind these guaranteed income initiatives in America was first conceived by Stockton, Calif. Mayor Michael Tubbs, who had piloted a similar program in his city. Tubbs, a 2018 Forbes under 30 launched the Guaranteed Income Initiatives back in June 2020 and has seen increased participation from the Mayors of New Orleans, South Carolina, Atlanta, and Pittsburgh amongst others.
In the pilot program rolled out by Tubbs, the funds were given to Stockton residents with annual incomes of about $46,000 per annum with each eligible resident getting $500 on a monthly basis.
“We are a nation in crisis, and the last one of this scale yielded dramatic social reform; this is our New Deal moment,” Mayor Tubbs said on Tuesday in a statement. “We need a social safety net that goes beyond conditional benefits tied to employment, works for everyone, and begins to address the call for racial and economic justice through a guaranteed income.”
Twitter CEO Funds to Inspire Federal Policy
Besides the initial target to help ameliorate the poverty level in the participating cities, the Jack Dorsey funds were made in part to inspire a Federal Policy.
Thank you Mayor and to all the Mayors of @mayorsforagi for these universal basic income pilots! I hope they inform federal policy in the future. https://t.co/6ItPWx3Lld
— jack (@jack) December 8, 2020
The wishes of the Twitter CEO were also those of Michael Tubbs who noted that the organization is doing what the federal government has refused to do since the first round of the $1,200 stimulus check was stopped. Calling out the Senate Majority Leader Mitch McConnel.
The latest $15 million donations made by Jack Dorsey comes as the second time the billionaire CEO will be making such moves. Earlier, he has shown a commitment to a similar guaranteed income scheme with a $3 million donation.