Jack Dorsey Giving $5 Million to Andrew Yang’s Universal Basic Income Group

Twitter CEO Jack Dorsey is giving $5 million to Andrew Yang’s universal basic income group called Humanity Forward.

The donation to Humanity Forward comes as the CEO is looking to give away $1 billion of his wealth from his other company, Square, to his fund called Start Small, as a way to combat the coronavirus.

Dorsey announced the donation on Yang’s podcast Yang Speaks. On the podcast, Dorsey told Yang that a universal basic income (UBI) was “long overdue,” and “the only way we can change policy is by experimenting and showing case studies of why this works.”

Yang says Humanity Forward plans to distribute Dorsey’s gift in the form of cash grants totaling $250 a piece to nearly 20,000 people who have lost their jobs or have suffered economically as a result of the coronavirus.

Humanity Forward has already given away $2 million in direct cash assistance to help people suffering from the coronavirus crisis.

“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.

“We know UBI for every American is possible, and this $5 million from Start Small is going to help demonstrate what is possible for families across the country,” the statement continued.

As a presidential candidate, Yang made having a universal basic income the centerpiece of his campaign platform, claiming it would improve everything from health care to graduation rates.

Yang’s message helped him gain a following among Dorsey, Tesla founder Elon Musk, and other tech entrepreneurs, but he exited the race after some disappointing results in Iowa and New Hampshire.