Billionaire gives away his $8 bil fortune

GucciGucci

Well-Known Member
Mar 14, 2000
37,439
Silicon Valley, CA USA
woah

:eek3:




Billionaire Chuck Feeney has finally given away his entire $8 billion fortune after making secret donations for decades



  • Irish-American billionaire Chuck Feeney reached his lifetime ambition of giving away his entire $8 billion fortune this week.
  • Feeney has been making secret donations to charities, universities, and institutions worldwide under his foundation, Atlantic Philanthropies, for decades.
  • On Monday, the philanthropist signed the documents marking the end of his foundation, which was first set up in 1982.
  • "We learned a lot. We would do some things differently, but I am very satisfied," Feeney, told Forbes.
  • The former billionaire lives with his wife in a small rented apartment in San Francisco.



After 38 years, Irish-American billionaire Chuck Feeney reached his lifetime goal of wanting to give away his entire $8 billion fortune.

Feeney, who made his fortune after cofounding the retail giant Duty Free Shoppers, has been making secret donations to charities, universities, and institutions worldwide under his foundation, Atlantic Philanthropies, for decades.

This week, the foundation — which was first set up in 1982 — officially ran out of money.


Feeney, who is 89 years old and in poor health, signed the documents marking the end of Atlantic Philanthropies in a Zoom ceremony attended by his wife and the foundation's board members on Monday.

Speaking from San Francisco, the former billionaire said he was very happy with "completing this on my watch."

"We learned a lot. We would do some things differently, but I am very satisfied," Feeney, told Forbes. "My thanks to all who joined us on this journey. And to those wondering about Giving While Living: Try it, you'll like it."

Feeney also received letters of thanks from Microsoft founder Bill Gates and former California Gov. Jerry Brown, who praised him for his work.

House Speaker Nancy Pelosi also thanked the former billionaire on behalf of the US Congress.

The 89-year-old told Forbes in 2012 that he had set aside around $2 million for his retirement plans but that he was hoping that he would lose the rest of his fortune before the end of his life........................

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melroy

wonderin how many people ITT have been meditating
Apr 1, 2018
19,728
he probably did more with his money for charity than the gov would have
Yes but he is not the average person. No one should have that much money. No one works that hard or is that much more valuable. Cap it at 20 mil a person per family.
 
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smell my finger

strive nonetheless towards beauty and truth,
Aug 8, 2001
98,197
N NJ
Yes but he is not the average person. No one should have that much money. No one works that hard or is that much more valuable. Cap it at 20 mil a person per family.
he may not work that much harder but he created that much more value.

sports or media entertainment are easy examples ... if a musician or athlete can command millions per year why is that wrong?
 
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TheProwler

OT Supporter
Aug 18, 2002
105,469
They should be given a few options. Pay workers more, pay for further education, pay for healthcare, etc.
Let's say the company is worth a billion because they have tons of hard assets (production facilities, intellectual property, supplies, etc) but is actually generating no profit, as they are investing into growth. The owner collects a $500k/year salary, but is the sole owner of a company valued at $1 billion. How do you determine how much more they should be paying their workers?
 
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wizurd

Engorged Member
OT Supporter
Mar 7, 2002
161,743
Las Vegas
Let's say the company is worth a billion because they have tons of hard assets (production facilities, intellectual property, supplies, etc) but is actually generating no profit, as they are investing into growth. The owner collects a $500k/year salary, but is the sole owner of a company valued at $1 billion. How do you determine how much more they should be paying their workers?

Fuck if I know. I was just giving some options as an opinion.
 

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