Warren Buffett convinced another 11 billionaires to commit to giving away half of their overall wealth to charity.
The Giving Pledge is a charitable program created by the Bill and Melinda Gates Foundation along with Warren Buffett. The overall mission of this foundation is to convince the ultra rich to pledge a large part of their overall fortune as early as possible, because this will allow them to control how the money is spent. This pledge has actually recruited 92 billionaires so far, since it was first conceived about two years ago. Two names that I’m certain you will recognize are New York City Mayor Michael Bloomberg, and Mark Zuckerberg, who is the founder of Facebook.
MarketWatch recently reported some of the newest members to join this extremely exclusive club. They were Reed Hastings, the CEO of Netflix, along with his wife Patty Quillin. And let’s not forget that Gordon Moore, who is the Chairman Emeritus of Intel, and his wife Betty also joined the club.
Gordon Moore had already committed to giving away half of his fortune prior to his association with The Giving Pledge. He had previously created a foundation that’s main focus is environmental, science and health issues. He also mentioned to the Wall Street Journal that his habits of giving put him “ahead of the curve.”
“It won’t change much of what I’m doing,” he mentioned to WSJ in an interview, but “it’s a good idea and has shaken loose a lot of money that otherwise would have been tied up for a long time.”
When you sign the pledge, you are signing a nonbinding agreement to give away at least half of your fortune. There isn’t a specification saying how the money is supposed to be distributed, but Bill Gates, recently named the richest person in the United States of America, mentioned to the Wall Street Journal on Wednesday that he believes it is an excellent opportunity to allow people to donate in a “smarter” way.
Bill Gates also mentioned that “this new group brings extensive business and philanthropic experience that will enrich the conversation about how to make philanthropy as impactful as possible. Their thoughtfulness and deep commitment to philanthropy are an inspiration to me, and I’m sure too many others as well.”