Dude could randomly give 147,000 people 1 million dollars but he's more likely to just give it to charities that his buds or family will benefit from.
this post was submitted on 27 Nov 2024
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Write everyone in the US cheque for ~$400
I once met a wealth manager for a billionaire whose entire job was to donate money as effectively as possible, focusing on infrastructure and education projects in Central and South America. She explained that the challenges are often unexpected.
For example, most smaller local organizations struggle to absorb large sums of money efficiently. Take, for instance, a group that builds homes for those in need. A sudden donation of millions of dollars can be too difficult to manage efficiently. So they try to be mindful of local needs, build trust, and build long-term partnerships.
So, why not just support many small communities? Well, a billion dollars could fund a thousand 1 million$ projects. That’s why this billionaire hired multiple wealth managers just to handle donations. That chat changed my perspective on how difficult it can be to give away large amounts of money.
Still, I’d rather them pay fair taxes.
I was about to say, they should just pay taxes, after all this is what government is for.
Yeah, I was very disappointed in Bill Gates for being pro-philanthropy but against higher taxation. That said, Gates and Buffet don't get the final say. The American people just elected an anti-tax fraudulent billionaire.
But if they donate enough then we will never force them to give up all their excess wealth.
And they like having excess wealth, a lot, like most rich people have hoarding mental disorders.
None of them really want to better society, they just want us to not rip all their skin off and redistribute their wealth so our economies benefit everyone again.
Nah, I don't like that. That's bad. Everybody should have to pay a share to fund public available necessities and uplift people as equals. It's not optional, it being optional demonstrably does not work, and even if it did we shouldn't rely on faith and goodwill.
It reminds me of this thing I read where countries would give all these donated designer clothes to some country, only for it to collapse their economy because making clothes was one of the only jobs available there.
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Why wait? There is functionally no difference between $1b and $147b. He would get to see the fruits of his efforts if he spends it now.
I have no idea how money works at large scale, so I guess I have a question for anybody who knows
Could that much money being distributed cause problems with the "economy"? My naive understanding is that the "economy" is (more or less) money moving around. Could hoarded wealth entering circulation cause any kind of problems?
I know my question is already sort of flawed since hoarded wealth isn't exactly sitting still, but I don't know if that makes a difference
Because if it takes 10 years to donate that much and the market stays at its 10 year average growth they stand to have something like 190b dollars left when they are done donating that 149b.
I'm pretty sure his foundations and the Gates stuff both are specifically designed to be left with zero money at the end.
With that logic he should give it to Jeff Bezos so he can keep growing it after he's gone.
As long as the promise is on the horizon and they don't ever pay up then poor idiots will keep making excuses for them to not dump their ill gotten gains back into the system they stole it from!
It's the same promise gates has made for decades. I am going to donate all of it. And he has donated billions, but taxes are low enough on the rich, and loop holes are big enough that even while they give away money, they still make shit tons more.
Example, Gates left Microsoft in 2008 and just runs his charity, where he has given away billions, like almost 6 billion in 2022 alone. His net worth was 58 billion in 2008, it is now around 107 billion.
He has almost doubled his net worth, while donating more money than anyone can ever spend, annually.
I feel like you are inventing the concept of an endowment from first principles.
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Because his true passion in life is turning money into more money. This is what he does, he doesn't buy yachts, or sports teams, or politicians, he just makes more money. He lives very modestly actually, still lives in his same little house and gets like a mcdonald's value meal for breakfast before work every day, he's an interesting guy.
(I'm not absolving him of the moral sins inherent in having and acquiring that kind of wealth, I'm just answering the question)
"Dragon gives away hoard after death. That will fix all the lives he ruined, right?"
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Fuck Warren Buffett. He’s just another scumbag who has soaked up wealth by taking full advantage of neoliberal economics. There are no good billionaires.
The only correct response honestly.
This fucker, and everyone else should not ever have $147 billion to give away, or anywhere close to it.
I'd argue it isn't his money anyway. These psychos have concocted a system of capitalism that is inherently theft and exploitation. The wealth is dependent on the masses who are kept poor as wage slaves stuck in a perpetual cycle of produce and consume. Which most of us cannot escape.
The masses are the cement and rebar foundation for the billionaires wealth.
Honestly, it ain't his money to give away. I wish people would realize this.
People are so stupid, they look at that figure and go "147 billion. Huh"
That cunt is a fucking greedy evil bastard and is literally causing children to starve to death because people can't afford food. This evil shit has $18 for every man, woman and child on earth. Think about that.
I'm not some sort of reactionary but I'm astonished how people don't realise just how much suffering these evil fuckwits are causing.
Burn the cunt on a stake
Fuckin' amen.
He’s entered the Rockefeller stage of his life. Build a bunch of community shelters or rebuild America’s railroad network or something useful, Warren.
There comes a certain point where wealth ceases to be a blessing, and managing it becomes a full time occupation. I can respect this decision.
All the more reason to level the playing field, eh?
I would respect it more if I wasn't so jaded, perhaps. But there's been just too many charity foundations involved in scandals of one type or another.
So, yes, let's level the playing field! I'm with you there...
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Buffett gives money to Bill Gates to avoid dynastic wealth. Hmm
Not Bill Gates, the Bill & Melinda Gates Foundation. "The primary stated goals of the foundation are to enhance healthcare and reduce extreme poverty across the world, and to expand educational opportunities and access to information technology in the U.S.".
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No shit. What else would he do with it? Cling on to his fortunes while descending into the particular pits of the underworld?
That is Elon's plan.
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