Billionaires' Giving Pledges Spark Admiration and Speculation
One of the most fascinating things about Wednesday's announcement that 40 billionaires have promised to give away at least half of their fortunes to charity is their pledge letters, writes Sean Stannard-Stockton, a Chronicle columnist, in his blog. The letters, now posted online, "offer an amazing insight into the philanthropic impulse and will certainly become a standard part of philanthropy education efforts."
To Mr. Stannard-Stockton, the terse pledge of Larry Ellison, head of the technology company Oracle, is the most compelling. He says Mr. Ellison is usually portrayed as a freewheeling big spender in the press but has been very private about his philanthropy (until now).
Mr. Ellison's letter makes it clear that he's going public only because fellow billionaire Warren Buffett asked him to set an example that would influence others to give. Mr. Stannard-Stockton hopes those others will include people "from every walk of life, not just billionaires."
As he concludes: "If Larry Ellison can sign the pledge, maybe my hopes for a Second Great Wave of Philanthropy aren't so far-fetched."
Pledge Letter from Larry Ellison
To whom it may concern,
Many years ago, I put virtually all of my assets into a trust with the intent of giving away at least 95% of my wealth to charitable causes. I have already given hundreds of millions of dollars to medical research and education, and I will give billions more over time. Until now, I have done this giving quietly – because I have long believed that charitable giving is a personal and private matter. So why am I going public now? Warren Buffett personally asked me to write this letter because he said I would be “setting an example” and “influencing others” to give. I hope he’s right.
Larry Ellison
To Mr. Stannard-Stockton, the terse pledge of Larry Ellison, head of the technology company Oracle, is the most compelling. He says Mr. Ellison is usually portrayed as a freewheeling big spender in the press but has been very private about his philanthropy (until now).
Mr. Ellison's letter makes it clear that he's going public only because fellow billionaire Warren Buffett asked him to set an example that would influence others to give. Mr. Stannard-Stockton hopes those others will include people "from every walk of life, not just billionaires."
As he concludes: "If Larry Ellison can sign the pledge, maybe my hopes for a Second Great Wave of Philanthropy aren't so far-fetched."
Pledge Letter from Larry Ellison
To whom it may concern,
Many years ago, I put virtually all of my assets into a trust with the intent of giving away at least 95% of my wealth to charitable causes. I have already given hundreds of millions of dollars to medical research and education, and I will give billions more over time. Until now, I have done this giving quietly – because I have long believed that charitable giving is a personal and private matter. So why am I going public now? Warren Buffett personally asked me to write this letter because he said I would be “setting an example” and “influencing others” to give. I hope he’s right.
Larry Ellison
Thank you Mr Ellison
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