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Melinda French Gates is urging tech titans poised for wealth from upcoming IPOs to commit to giving away at least half their fortunes for philanthropic causes. She emphasised that immense wealth comes with a responsibility to contribute back to the nation tha…
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Melinda French Gates is urging tech titans poised for wealth from upcoming IPOs to commit to giving away at least half their fortunes for philanthropic causes. She emphasised that immense wealth comes with a responsibility to contribute back to the nation that fostered their success.
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Speaking to Fortune, Gates urged those set to benefit from upcoming IPOs to make a pledge now rather than later.
“Commit now to giving at least half of it away. No matter what it turns out to be, no matter how large, how small it turns out to be. If you can invest in these IPOs, believe me, you have the ability to give half away,” said Gates.
The billionaire philanthropist argued that wealth comes with responsibility. According to the report, she said many of America's richest individuals owe a debt of gratitude to the country that helped them succeed.
“Anyone who is a billionaire in the US benefitted from growing up” or working in this country, she noted, adding that access to public infrastructure, education, and healthcare help make the creation of multibillion-dollar companies possible.
Gates, whose net worth is estimated at $19 billion, cofounded the Giving Pledge in 2010 with Warren Buffett and her former husband Bill Gates. The initiative encourages the world's wealthiest individuals to donate most of their fortunes either during their lifetime or through their wills.
More than 250 philanthropists have signed the pledge so far, including MacKenzie Scott, Canva cofounders Melanie Perkins and Cliff Obrecht, and Airbnb cofounder Brian Chesky.
Since leaving the Gates Foundation, which she'd founded with her ex-husband, Gates has channelled her philanthropy through Pivotal (a group of organisations focussed on social change). The report noted that she recently committed $215 million towards women's midlife health and menopause research.
Asked about billionaire behaviour she finds disappointing, Gates said: “I’ve never thought it’s good for billionaires to be flashy about their wealth. Flashing that around, that doesn’t do anybody any good. Fine, buy some nice things for yourself, but you don’t have to be flashy about it.”
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