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In an interview with The New York Times, Thiel claimed The Giving Pledge, or the philanthropic campaign to get the world\u2019s wealthiest to commit to giving away 50% or more of their wealth, has fallen out of style. \u201cThey got an incredible number of people to sign up those first four or five years, and it somehow has really run out of energy,\u201d he said. \u201cI don\u2019t know if the branding is outright negative, but it feels way less important for people to join.\u201d<\/p>\n
The U.S. wealth divide has progressed to new extremes, with the top 10% of households holding more than two-thirds of the nation\u2019s wealth, according to Federal Reserve data. The majority of the country\u2019s wealth remains in the hands of older generations. And the wealth accumulation has hollowed out the middle class over the last few decades. Philanthropy has long acted as a de facto realization of trickle-down economic theory. A shift away from that philanthropic framework\u2014and one of the most organized efforts in modern history to transfer wealth out of the pockets of the country\u2019s richest\u2014could signal that the money spigot is tightening.<\/p>\n
The Giving Pledge was launched in 2010 by Bill Gates, Melinda French Gates, and Warren Buffett. The list of signatories includes some of the country\u2019s wealthiest, including those who have given away the biggest sums of their fortunes, such as Mackenzie Scott and the late Microsoft co-founder Paul Allen.<\/p>\n
While receiving more than 250 signatures from the world\u2019s wealthiest global philanthropists, the number of wealthy signing on has dwindled in recent years. Just four pledged in 2024, and 14 signed on in 2025, according to a list of signatories compiled by The Giving Pledge. That comes even as more of the world\u2019s wealthiest reach billionaire status each month, with Forbes\u2019 latest estimate calculating there are more than 3,400 billionaires globally.<\/p>\n
Thiel\u2019s pitch to abandon The Giving Pledge<\/p>\n
Thiel said he\u2019s nudged a few to erase their signatures. \u201cI\u2019ve strongly discouraged people from signing it, and then I have gently encouraged them to unsign it,\u201d Thiel said. Notably, in transcripts and audio lectures given by Thiel to Reuters last year, he recalled calling on the world\u2019s richest man and soon-to-be first ever minted trillionaire Elon Musk to retract his pledge, warning the Tesla founder his wealth would go to \u201cleft-wing nonprofits that will be chosen by Bill Gates.\u201d<\/p>\n
Thiel said he\u2019s had conversations with some signatories who have expressed uncertainty about their original decisions to commit. \u201cMost of the ones I\u2019ve talked to have at least expressed regret about signing it,\u201d he said.<\/p>\n
\u201cDiscussion about the role of philanthropy is inevitable and welcome,\u201d Taryn Jensen, interim Giving Pledge lead, said in a note to Fortune. \u201cIn its early years, the Giving Pledge helped build norms where few existed.\u201d Jensen added that many of the Giving Pledge signatories have already met their commitments, with others still actively working toward them.<\/p>\n
\u201cThat brings more resources to the world\u2019s greatest challenges,\u201d she said. \u201cOur goal is to keep building a culture where giving is the norm and to provide the support that helps turn commitment into action.\u201d<\/p>\n
Where philanthropy prevails<\/p>\n
The PayPal cofounder has his own ideas of philanthropy. He\u2019s run the Thiel Fellowship since 2011, a program that gives $200,000 to skip college to build innovative projects. Several program alumni have created companies worth over $100 billion.<\/p>\n
Still, philanthropy remains robust. The Giving Pledge notes that more than half of the Pledge community last year participated in Giving Pledge events, or learning sessions.<\/p>\n
Several major players fuel the country\u2019s charitable giving. The country\u2019s wealthiest gave away $22.4 billion in 2025, up 35% from 2024, yet down from a recent peak of $38.9 billion in 2021, according to nonprofit news organization the Chronicle of Philanthropy. Giving Pledge signatory Mackenzie Scott gave away $7.2 billion to more than 120 organizations last year alone. That\u2019s more than what her ex-husband and billionaire Amazon founder Jeff Bezos has given away in his lifetime, according to a Forbes estimate. Warren Buffett has donated more than $60 billion in wealth as part of his commitment to give away most of his wealth.<\/p>\n
Though the Oracle of Omaha admitted last year his original giving plans were too ambitious, calling into question the feasibility of The Giving Pledge.<\/p>\n
\u201cEarly on, I contemplated various grand philanthropic plans,\u201d he said in a letter to shareholders last year. \u201cThough I was stubborn, these did not prove feasible.\u201d<\/p>\n
#Peter #Thiel #actively #convincing #billionaires #abandon #Giving #Pledge #working<\/p>\n","protected":false},"excerpt":{"rendered":"
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