Jack Dorsey is devoting $1 billion of his stake in Square Inc., the payments firm he co-founded, to help fund the coronavirus relief effort. According to Mr Dorsey, the donation represented approximately 28% of his wealth. “Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime,” said Dorsey. “I hope this inspires others to do something similar. Life is too short, so let’s do everything we can today to help people now.” Dorsey, whose net worth is estimated at $3.3 billion by Forbes, also said that he was pledging his stake in Square instead of Twitter because he owns a bigger portion of the payments processor. He also said that he would pace the sale of the pledged shares over time. “The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve,” he said. Other technology entrepreneurs have pledged relief efforts in varying amounts. Amazon founder Jeff Bezos has pledged $100 million to help food relief efforts during the pandemic, and Zuckerberg has offered more than $25 million to help research through the Bill & Melinda Gates Foundation. The Gates Foundation last month pledged $125 million for research but is believed to be investing more in a variety of projects. The United States has recorded more than 380,000 coronavirus cases, with the total death toll rising to about 12,300.