"We're talking trillions over time," Buffett told Charlie Rose that year. The trillions materialized. The giving, less so. The numbers are no longer shocking to anyone paying attention. The top 1% of American households now hold roughly as much wealth as the bottom 90% combined - the highest concentration the Federal Reserve has recorded since it began tracking wealth distribution in 1989."
"The Giving Pledge's numbers, reported Sunday by the New York Times, trace a steady decline. In its first five years, 113 families signed the Pledge. Then 72 over the next five, 43 in the five after that, and just four in all of 2024. The roster includes Sam Altman, Mark Zuckerberg and Priscilla Chan, and Elon Musk - some of the most powerful people in the world."
"it is a club that's "really run out of energy . . .I don't know if the branding is outright negative," Thiel told the outlet, "but it feels way less important for people to join." The language of doing good in Silicon Valley has been wearing thin for years."
In 2010, Warren Buffett and Bill Gates created the Giving Pledge, a voluntary campaign asking the world's richest people to publicly commit to donating most of their wealth. The initiative seemed timely as technology was rapidly creating billionaires. However, the promised trillions in charitable giving have largely failed to materialize. Meanwhile, wealth inequality has reached historic levels, with the top 1% of American households now holding as much wealth as the bottom 90% combined. Globally, billionaire wealth has grown 81% since 2020 to $18.3 trillion, while one in four people worldwide lack regular access to adequate food. The Giving Pledge itself has experienced steep decline, with participation dropping from 113 families in its first five years to just four signatories in 2024.
Read at TechCrunch
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