Billionaires are increasingly being judged not just by what they earn, but also by what they give. Take the feud between billionaire Elon Musk and celebrity singer Billie Eilish.
Shareholders may approve a Tesla CEO The world’s first trillionairegrammy award winner Slams Musk in social media posts It is suggested that he should instead devote his energy to philanthropic causes, such as spending $40 billion per year to fight world hunger, $10 billion per year to vaccinate newborns, and $53.2 billion for reconstruction Gaza.
Musk, it’s worth it $482 billionlater clapping back at Eilish on Xsaid: “She’s not the sharpest tool in the shed.”
This isn’t the first time the Gen-Z pop star has accused the super-rich of not giving away enough of their wealth. When the 23-year-old artist debuted in October wall street journal magazine Receiving an Innovator Award in recognition of her contribution to the music industry, she asked an audience that included billionaire Mark Zuckerberg the question of why the super-rich have the right to exist.
“If you’re a billionaire, why are you a billionaire? No hate, but yeah, give your money away, shorties,” Eilish said, before it was later revealed that she would donate $11.5 million. Hit me hard, hit me softly tour change maker programa philanthropic initiative addressing climate change and food insecurity.
But one executive believes how billionaires use their money is no one else’s business but their own.
“I think these are personal things and people should make their own personal decisions,” said William Stone, CEO of SS&C Technologies. wealth. “I understand the sentiment, but I think sometimes it can be aggressive.”
Do the super rich have an obligation to donate? One billionaire says ‘not so’
Stone, he has a US$3.8 billion He has reportedly donated about $52 million in personal funds to his hometown of Evansville, including a health sciences center, a mental health research facility and a new baseball stadium for his former high school.
But he firmly believes that donating is a personal choice and may not always make headlines. More and more wealthy philanthropists are choosing to donate their own money Anonymous charitable donations.
Stone added: “I think we made a mistake in not allowing people to express their personal opinions and do things anonymously.”
The 70-year-old said philanthropy, even if millions of dollars are donated from personal funds, is not a prerequisite for donating once you become rich.
“I would say I would support it rather than reject it, but again, these are personal things and to let other people tell you how people should handle it and I’m sure what they think and what I consider to be my hard-earned money, I would mostly say: fuck off.“
Stone believes that giving should be a gesture, not a handout
Ishizuo KPMG In 1986, at the age of 30, he founded his financial services company, SS&C Technologies, in the basement of his Connecticut home. Nearly four decades later, SS&C has grown to approximately 27,000 employees serving approximately 23,000 customers in more than 35 countries.
Having achieved success, he is now paying it forward to others. But Stone said he likes to think of his donation as an aid, not a handout.
For example, he has led efforts to combat the Rust Belt’s “brain drain” and has donated to several local universities to grow their academic programs and contribute to the region’s economy.
“I like to think I don’t offer handouts,” Stone said. “I would reach out to people and try to help them help themselves and try to do it in a way that gave them self-respect.”
Other billionaires have also expressed interest in donating their wealth by signing the signatures of Bill Gates, Melinda France Gates and Warren Buffett. donation pledge.
Musk, Bezos’ ex-wife Mackenzie ScottMichael Bloomberg, George Lucas, and Zuckerberg have all pledged to give away at least half of their wealth during their lifetime or in their wills—but so far, only John and Laura Arnold It has actually been followed up.
But Musk, his Musk Foundation Founded in 2002, says in a certain episode of what the hell Just last month on the podcast, while he agreed there was a “love of humanity” in philanthropy, it was actually “hard to give money away well.”
“I find that the biggest challenge for my foundation is trying to give away money in a way that truly benefits people.”