The Giving Pledge: Charity or Scam? (Billionaire’s Fund)

Posted on 13 December 2010 by author

If you are a billionaire, would you be pledging some of your wealth for charitable purposes or not? Well, it’s all in the news that more US billionaires are actually giving away part of their wealth for the project launched by Microsoft founder Bill Gates and investor Warren Buffet back in June called “The Giving Pledge.” As of present, around 57 billionaires have already made a pledge for this charitable project already. The latest of these billionaires include Facebook co-founders Mark Zuckerberg and Dustin Moskovitz, AOL co-founder Steve Case, financier Carl Icahn and Michael Milken who happens to be a former Wall Street executive who went to jail back in the 90s for committing securities violation.

However, this charitable project does not accept money or even tell people how to donate their money, but simply asks billionaires to just make a moral commitment and give away some of their wealth during their lifetime or even after their death for charitable purposes. These billionaires also need to state their intention in doing such action by making a letter explaining why they have made such decision.

According to Facebooks co-founders Zuckerberg and Moskovitz who happens to be the world’s youngest billionaires, people do not have to wait the end of their career in order to give back and share what they have acquire in their life since everybody has a lot of opportunity to do it now and see the impact of their philanthropic efforts while they are still alive.

Well, it seems that this project started by Warren Buffet, Bill Gates and his wife named Melinda seems to be a great one and will definitely change the life of many families in need out there. This project obviously re-energized people to think about helping people and doing some philanthropic acts that could help a lot of people in need. Gates and Buffet have been working closely together on order to distribute billion of dollars through the Bill and Melinda Gates Foundation. In 2006, Buffer already pledged almost 99 percent of his wealth while Bill and Melinda Gates have donated more than 28 million dollars already for this foundation.

However, since all of these are only pledges for now, we do not know whether these billionaires will be really be able to give away what they have promised. So let us just wait and see.


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