Why wait? There is functionally no difference between $1b and $147b. He would get to see the fruits of his efforts if he spends it now.
this post was submitted on 27 Nov 2024
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Because if it takes 10 years to donate that much and the market stays at its 10 year average growth they stand to have something like 190b dollars left when they are done donating that 149b.
I feel like you are inventing the concept of an endowment from first principles.
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He’s entered the Rockefeller stage of his life. Build a bunch of community shelters or rebuild America’s railroad network or something useful, Warren.
There comes a certain point where wealth ceases to be a blessing, and managing it becomes a full time occupation. I can respect this decision.
All the more reason to level the playing field, eh?
I would respect it more if I wasn't so jaded, perhaps. But there's been just too many charity foundations involved in scandals of one type or another.
So, yes, let's level the playing field! I'm with you there...
No shit. What else would he do with it? Cling on to his fortunes while descending into the particular pits of the underworld?
That is Elon's plan.
Bury it with himself. Ironically, that'd probably do more good than whatever redistribution he's planning.
Buffett gives money to Bill Gates to avoid dynastic wealth. Hmm
Not Bill Gates, the Bill & Melinda Gates Foundation. "The primary stated goals of the foundation are to enhance healthcare and reduce extreme poverty across the world, and to expand educational opportunities and access to information technology in the U.S.".
Meh. His arguments boil down to "isn't the government better at spending money?" and "Rich people are bad, they shouldn't be rich!". None of his points really have anything to do with these foundations.
The government isn't "better" at spending money. They have a LOT more of it to spend, though. If the US Government got some tax revenue from, say, inheritance tax when Warren Buffet dies, I don't see how Congress is going to say "oh nice, a couple more billion dollars to go in our trillions of dollars budget, lets spend it on education". They're going to spend it on military or whatever. People lobby congress to spend money and make laws that benefit their company/industry. So that cancels out more than half of his 5 minute video for me.
The beginning of his video talks about how the media portrays it, which is a different subject.
Rich people being rich is an entirely different subject. They are rich, and you can't go back in time and change that. So that cancels out another minute or two of his video.
He tries to make a point about how they only have to spend 5% of their money every year, like that's somehow bad? Compare it to a person in retirement: If someone starts with some money in their retirement account with 4% interest (and 3% inflation), if they withdraw 5% of their balance every year, they'll run out of money. The Gates foundation has a plan to spend a lot more than that after they die. They're not required to, sure, but why should they be?
All in all, I still fail to see how this strategy is bad for society overall. Argue all you want that there shouldn't be any individuals with this amount of money, but that's a different subject.
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Riiiiight. Like the Clinton foundation!
What's wrong with the Clinton Foundation?
Beginning in 2015, the foundation was accused of wrongdoing, including a bribery and pay-to-play scheme, but multiple investigations through 2019 found no evidence of malfeasance. The New York Times reported in September 2020 that a federal prosecutor appointed by attorney general Bill Barr to investigate the origins of the 2016 FBI Crossfire Hurricane investigation had also sought documents and interviews regarding how the FBI handled an investigation into the Clinton Foundation.[16] In May 2023, it was revealed that the Justice Department had continued to investigate the Foundation until days before the end of the Trump presidency, when FBI officials insisted the DOJ acknowledge in writing that there was no case to bring.[17]
Nothing. Just billionaires passing money back and forth under a non-profit label. Nothing to see here.
Good argument.
Yes that is the goal they State and the propaganda they write.
Anyway I can email him asking for a couple hundred thousand? Drop in the bucket, he wouldn't even notice, yet my life would be changed forever.
Don't worry, I'm pretty sure there will be an uptick in emails of "spokespersons" reaching out to you personally to bring the news you have been personally selected in sharing the wealth.
They just need you to make a small payment of €10k for insurance purposes.
So all those articles saying he sold to be in cash because market crash was coming were completely off
This guy seems like a narcissist. "I haven't been in the news in a months because of trump, let me do somthing news worthy"
Edit. He's donating to his own foundation you doughnuts
This take would make more sense if it wasn't something he does every year.
"donating 1.1 billion to his family's foundation" he's literally doing this to avoid paying taxes
You absolute fool
Except this is a good thing, and will encourage others.