Debate how Elon Musk gives up the world’s largest fortune

New Delhi: Elon Musk is not only the wealthiest person in the world, but also claims $ 209.3 billion, the largest net asset ever recorded as of Friday. What he does with it is carefully watched.
Judging by Twitter, the preferred means of communication for Tesla co-founders, philanthropy is in his mind. After shrugging for the first time, one of his first reactions when he became the wealthiest person was to seek advice on how to give it.
“By the way, critical feedback is always very much appreciated, and there are ways to donate money that actually makes a difference (much harder than it looks),” Musk said in a tweet.

The 49-year-old Musk is a philanthropic rookie compared to the world’s wealthiest 500 Bloomberg billionaires who have just made a leap forward.
Longtime No. 1 Bill Gates and his friend Warren Buffett are co-founders of the Giving Pledge Initiative, which encourages ultra-rich people to donate at least half of their fortune, each donating tens of billions of cash and stock. doing.
Even Jeff Bezos, who has been criticized for being slow to establish his position as a philanthropist, has strengthened his game. Last year he promised to donate $ 10 billion to climate change-related issues and distributed $ 791 million to 16 environmental groups in November.
The event will consist of key topics faced by both the satellite industry and end users, bringing together groups of different sort leaders to share knowledge.
Despite signing the Giving Pledge, Musk does little publicly about philanthropy. According to Quartz’s analysis, he donated more than $ 257 million to the Musk Foundation. That’s about 0.1% of our current net worth, and we donated $ 65 million to about 200 nonprofits between 2016 and 2018.
If Gates didn’t donate much, or Bezos didn’t divorce, their fortune would be much larger, perhaps larger than musk.
Still, Musk points out that the reason for accumulating wealth is to let it go, or at least to turn it into his passionate project, space exploration. “It takes a lot of resources to build a city on Mars,” he told German publisher Axel Springer last month. “I want to be able to contribute as much as possible.”
“More aggressive”
“It is impossible to exaggerate the potential of his property,” said Benjamin Soskis, a senior researcher at the Urban Institute’s Nonprofit and Charity Center. “We are dealing with scales that are difficult to understand.”
According to Soskis, Musk’s surge in wealth means that the pace of donations needs to be significantly increased in order to fulfill his promise to donate more than half. “He needs to be much more aggressive than he is now.”
The question from philanthropic experts is what Musk will do about doing so. The wealthiest people in the world take different approaches. Gates is a full-time philanthropist and a public figure in areas such as public health.
Twitter Inc co-founder Jack Dorsey made the donations transparent by posting each donation in a public spreadsheet.
By using Twitter to get donation suggestions, Musk follows in the footsteps of Bezos, who sent a similar tweet in 2017 asking his followers for ideas.
Bezos’ ex-wife, McKenzie Scott, pioneered another model of millionaire donations. Approaching hundreds of nonprofits and educational institutions and handing out large checks untied. Her gifts in 2020 totaled nearly $ 6 billion.
Professor Brian Mittendorf of The Ohio State University, who studies nonprofits, suggested that Musk follow Scott’s lead and curb his instinct to innovate.
“The traps that many wealthy philanthropists fall into already have expertise and experience, but instead of relying solely on those who need money to expand their influence, they do their own philanthropy. It’s a desire to reinvent, “he said.

Debate how Elon Musk gives up the world’s largest fortune

Source link Debate how Elon Musk gives up the world’s largest fortune

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