Latest news with #Philanthropy50
AU Financial Review
28-04-2025
- Business
- AU Financial Review
Philanthropy 50: Which Australians gave away the most?
Is divorce good for philanthropy? This could be the year Australia finds out. Nicola Forrest, who split from former husband Andrew in 2023, now gives through both the Minderoo Foundation and her own Coaxial Foundation. And while Coaxial didn't make the Philanthropy 50 list this year, it will almost certainly next year. Likewise, Mike and Annie Cannon-Brookes' divorce may lead to greater levels of giving from both, through Mike's Boundless Earth and the Cannon-Brookes Foundation, which is led by the former couple. It's all been pioneered globally, says JBWere's John McLeod, by MacKenzie Scott, ex-wife of Jeff Bezos, who set in motion a wave of impressive philanthropic giving in 2020, currently totalling $US19 billion ($31.7 billion). Next year's Philanthropy 50, in other words, could be quite different from 2025's.
Yahoo
04-04-2025
- Business
- Yahoo
No proof Musk's $5.7B charity donation in 2021 broke any records
In late March 2025, numerous headlines and social media posts shared the rumor that tech billionaire Elon Musk set a world record by donating $5.7 billion to charity in 2022. For instance, one Facebook post, which had more than 227,000 reactions as of this writing, stated that "in 2022, Elon Musk, the CEO of Tesla and SpaceX, set a world record for the largest charitable donation by a car company owner, contributing an astounding $5.7 billion to various global causes." It continued: This massive philanthropic gesture, filed through a U.S. Securities and Exchange Commission (SEC) disclosure, marked a pivotal moment in tech industry philanthropy, surpassing donations from other billionaires like Bill Gates and Warren Buffett. Musk's donation focused on causes such as sustainability, education, and healthcare, aligning with his broader commitment to tackling pressing global challenges. As a leading tech philanthropist, Musk's generosity underscores his vision of using wealth from electric vehicles and space exploration to create lasting positive change (Facebook user Chef Andrew Gruel) "Elon Musk Sets World Record with $5.7 Billion Charitable Donation in 2022," read another Facebook post with the claim. Similar text was also copy-pasted in numerous posts on X, Facebook, Bluesky and Threads. In short, Musk did donate approximately $5.7 billion worth of Tesla stock to a charitable organization in late 2021, as revealed by a U.S. Securities and Exchange Commission filing. While the filing did not specify the recipient, Bloomberg reported the donation went to the Musk Foundation, a private foundation Musk controls. Musk's donation was not recognized as a world record by any credible authority, and there was a record of a larger charitable donation. However, it was unclear whether Musk's donation was the "largest charitable donation by a car company owner." Guinness World Records confirmed to us via email that Musk's donation did not surpass its record for the largest single private charitable donation. That record is held by Microsoft founder Bill Gates and his former wife, Melinda French Gates, who donated $6 billion to the Bill and Melinda Gates Foundation in August 1999 — equivalent to about $10 billion in 2021 dollars, adjusted for inflation. A February 2022 SEC filing revealed Musk donated 5 million Tesla shares, reportedly worth around $5.7 billion at the time, between Nov. 19 and 29, 2021. (U.S. Securities and Exchange Commission/Snopes Illustration) At the time, Al Jazeera, for instance, described it as "one of the largest philanthropic donations in history." While the filing did not disclose the name of the charity, Bloomberg reported the money went to the Musk Foundation, his own charity. Musk was not originally included in the 2021 Philanthropy 50 list of America's top donors because the in-question donation wasn't disclosed until 2022. However, according to The Chronicle of Philanthropy, the donation would have made him the second-largest donor of 2021, behind only Bill Gates and Melinda French Gates, who topped the list with a $15 billion pledge to their foundation. In an article explaining how The Chronicle compiled its list, the organization noted "not all philanthropists publicly disclose details about their giving, and they are not legally required to do so." Multiple Facebook posts spreading the claim redirected users via comment sections to questionable websites (example, example, example, example), all of which contained identical, copy-pasted text. The articles were titled "Elon Musk's 2021 $5.7 billion 'mystery gift' went to his foundation" and stated: "Elon Musk donated $5.7 billion in Tesla stock to his foundation in 2021, which was the largest charitable donation ever made by a car company owner at the time." The language used in the social media posts and the article promoting the rumor appeared unnatural and was likely AI-generated. The AI-detection tool ZeroGPT indicated that the text, often copy-pasted across multiple posts, was generated by artificial intelligence. (ZeroGPT) Users often shared the claim alongside an image showing telltale signs of being generated by AI. Hive Moderation's tool flagged the image as likely AI-generated. (Hive Moderation) In February 2025 we investigated a similar rumor that Musk donated $112 million of Tesla stock to help homeless people. We found that while he did donate around $112 million worth of Tesla shares, there is was no proof it specifically went to help the homeless. AI Detector - Trusted AI Checker for ChatGPT, GPT4 & Gemini. Accessed 31 Mar. 2025. Clarke, Amelia. "Here's What We Know about Musk's Donation of Tesla Shares to Charity." Snopes, 26 Feb. 2025, "Elon Musk Donated $5.7BN Worth of Tesla Shares to Charity." Al Jazeera, Accessed 31 Mar. 2025. Google Search. Accessed 31 Mar. 2025. ---. Accessed 31 Mar. 2025. Hive Moderation. Accessed 31 Mar. 2025. "Philanthropy 50: List of America's Top 50 Donors of 2021." AP News, 8 Feb. 2022,
Yahoo
04-03-2025
- Business
- Yahoo
The 10 most charitable people in America
Michael Bloomberg topped the list of the United States' biggest charitable donors, for the second year in a row, the Chronicle of Philanthropy announced Tuesday. The billionaire's Bloomberg Philanthropies awarded significant grants to four historically Black medical schools: Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, and Charles R. Drew University of Medicine & Science. Bloomberg also gave $1 billion to his alma mater Johns Hopkins University. The grant money will make Johns Hopkins Medical School tuition free for students from families earning under $300,000 and will also increase financial aid for students pursuing degrees in nursing and public health. While Bloomberg continues to give away much of his vast fortune, many of the most prominent billionaires in the U.S. failed to do the same. Just 19 of the richest Americans on the Forbes 400 made the Chronicle of Philanthropy's list of the country's 50 biggest donors. Bill Gates came in 18th place, while his ex-wife Melinda came in seventh place. Elon Musk, Jeff Bezos, Larry Ellison, and Larry Page all failed to make the rankings, despite being among the 10 wealthiest people in the country. Some experts are concerned that the U.S. is in the midst of a crisis of generosity. In 2023, there was a 2.1% decline in charitable giving, according to the philanthropy research foundation Giving USA. Even more dramatically, Vox reported that 20 million fewer households donated to charity in 2016 compared to 2000. Experts cite several reasons for this decrease, including declining participation in organized religion, increased anger over failures to address inequality, and a lack of disposable income among Gen Z and Millennials. One demographic that continues to give to nonprofits, however, is the ultra-wealthy. This is particularly the case because wealthy individuals receive disproportionate benefits from the charitable tax deduction system. Experts caution, however, that relying on donations from the one percent isn't the most sustainable of money-raising strategies. 'This is a challenging time for many nonprofit organizations. They are confronting a diminishing share of Americans who donate, the effects of inflation, and, most recently, potentially significant cutbacks in government support,' said Maria Di Mento, who directs the Philanthropy 50, in a statement. 'The Philanthropy 50 demonstrates that even America's wealthiest donors, who generously back a range of different causes and organizations, will never be able to give enough money to replace the vital role of government funding or meet the needs of the nonprofit sector.' Continue reading to learn more about the 10 most charitable individuals and couples in America. For the latest news, Facebook, Twitter and Instagram.
Yahoo
04-03-2025
- Business
- Yahoo
Michael Bloomberg tops the list of America's biggest donors for the second year in a row
For the second year in a row, former New York City mayor Michael Bloomberg gave the most to charitable causes, according to the Chronicle of Philanthropy's exclusive Philanthropy 50 list of the Americans who donated the largest sums to nonprofits last year. In 2024, he gave a total of $3.7 billion to support arts, education, the environment, public-health groups, and programs aimed at improving city governments. He gives directly to charities and through his Bloomberg Philanthropies, which last year awarded a $1 billion grant to his alma mater, Johns Hopkins University, to make medical school free and to provide financial aid to nursing and public health students. 'I've never understood people who wait until they die to give away their wealth. Why deny yourself the satisfaction?' he wrote in an email to the Chronicle. 'I've been very lucky, and I'm determined to do what I can to open doors for others and to leave a better world for my children and grandchildren.' See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Bloomberg was one of six donors who gave $1 billion or more in 2024. The others were Netflix co-founder Reed Hastings and his wife, Patty Quillin (No. 2), Dell Technologies founder Michael Dell and his wife, Susan Dell (No. 3), investor Warren Buffett (No. 4), Facebook co-founder Mark Zuckerberg and his wife, physician Priscilla Chan (No. 5), and retired professor Ruth Gottesman (No. 6). The majority of those gifts went to foundations and donor-advised funds that support causes including education, economic mobility, social justice, and scientific research. Gottesman, like Bloomberg, gave to make medical school free. She donated $1 billion to the Albert Einstein College of Medicine. Together the 50 donors on the list contributed a total of $16.2 billion to charity in 2024. The median amount they gave was $100 million. While those numbers are sizable, not all of the nation's wealthiest people appear on the list. Only 19 of the richest Americans on the Forbes 400 list donated enough to appear in the Philanthropy rankings. Among those who gave big — but are less well known: — Thomas Golisano, the billionaire founder of Paychex, is No. 8. He gave away $500 million last year. Almost $400 million of that went to 123 nonprofits in New York and Florida with no strings attached. About 90 of those gifts were $1 million to $5 million, often to small groups that rarely get contributions of that size. Many were to organizations that serve people with developmental, intellectual, and physical disabilities. The issue has great meaning to Golisano, whose son has a developmental disability. — Retired insurance executive Hyatt Brown and his wife, Cici, at No. 20, gave the Museum of Arts & Sciences, in Daytona Beach, Fla., $150 million for a new building and to turn its current home into a children's museum. — Businesswoman and venture capital investor Michele Kang, at No. 28, gave $84 million last year, including $4 million to help the USA Women's Rugby Sevens team prepare for the Olympics. Some big public debates have been swirling in the world of philanthropy. Some donors — most notably hedge-fund billionaire Bill Ackman — pushed back against the institutions they have supported, criticizing universities' responses to the October 7 attacks in Israel and campus protests against the war in Gaza; critiquing diversity, equity, and inclusion programs; demanding changes; and pledging to halt support. Some philanthropists believe that politicized public debates about giving are unhelpful noise that can get in the way of doing effective work. K. Lisa Yang (No. 34), a retired investment banker, gave $74.5 million this year, much of that to MIT and Cornell University, where she is a trustee. Over the years, Yang has given large sums to programs that help people who are physically or cognitively disabled, and she advocates for individuals with disabilities and autism-spectrum disorders. 'The people who are suffering from these disorders, they don't have the luxury of time,' she says. 'When you have a rare disease and they do politics, to the people who are suffering from the disorder, it is totally irrelevant. They're still suffering.' But some donors are loath to get ensnared in high-profile polarizing issues, says Renee Kaplan, CEO of the donor advisory firm Forward Global. As a result, she says, some donors are staying out of the fray by making anonymous gifts. Others are working together in donor collaboratives, both to boost their power and resources and to shield individual contributors from criticism. Donors are starting to say, 'I'll do more anonymously. I'm not going to put my name on things. I'm going to slow down our foundation for a while because I'm worried I'll be a target,' Kaplan says. 'I think there's genuine concern and pause and fear that's affecting donors.' This year's list marks the 25th anniversary of the Philanthropy 50 ranking. Buffett was the top donor over that period, with cumulative gifts totaling $49.4 billion. Microsoft co-founder Bill Gates and Melinda French Gates followed, with the $34 billion they gave together. (Since their divorce, both have appeared on the list individually.) Bloomberg, Jeff Bezos, and Elon Musk round out the top five. Buffett, Gates and French Gates, and Bloomberg together account for roughly one-third of the $314.5 billion in giving by Philanthropy 50 donors since 2000. The biggest gift made during that time is Buffett's 2006 pledge to the Gates Foundation, valued at the time at $36.1 billion. _____ Associated Press coverage of philanthropy and nonprofits receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP's philanthropy coverage, visit
The Hill
04-03-2025
- Business
- The Hill
Michael Bloomberg tops the list of America's biggest donors for the second year in a row
For the second year in a row, former New York City mayor Michael Bloomberg gave the most to charitable causes, according to the Chronicle of Philanthropy's exclusive Philanthropy 50 list of the Americans who donated the largest sums to nonprofits last year. In 2024, he gave a total of $3.7 billion to support arts, education, the environment, public-health groups, and programs aimed at improving city governments. He gives directly to charities and through his Bloomberg Philanthropies, which last year awarded a $1 billion grant to his alma mater, Johns Hopkins University, to make medical school free and to provide financial aid to nursing and public health students. 'I've never understood people who wait until they die to give away their wealth. Why deny yourself the satisfaction?' he wrote in an email to the Chronicle. 'I've been very lucky, and I'm determined to do what I can to open doors for others and to leave a better world for my children and grandchildren.' Bloomberg was one of six donors who gave $1 billion or more in 2024. The others were Netflix co-founder Reed Hastings and his wife, Patty Quillin (No. 2), Dell Technologies founder Michael Dell and his wife, Susan Dell (No. 3), investor Warren Buffett (No. 4), Facebook co-founder Mark Zuckerberg and his wife, physician Priscilla Chan (No. 5), and retired professor Ruth Gottesman (No. 6). The majority of those gifts went to foundations and donor-advised funds that support causes including education, economic mobility, social justice, and scientific research. Gottesman, like Bloomberg, gave to make medical school free. She donated $1 billion to the Albert Einstein College of Medicine. Together the 50 donors on the list contributed a total of $16.2 billion to charity in 2024. The median amount they gave was $100 million. While those numbers are sizable, not all of the nation's wealthiest people appear on the list. Only 19 of the richest Americans on the Forbes 400 list donated enough to appear in the Philanthropy rankings. Among those who gave big — but are less well known: — Thomas Golisano, the billionaire founder of Paychex, is No. 8. He gave away $500 million last year. Almost $400 million of that went to 123 nonprofits in New York and Florida with no strings attached. About 90 of those gifts were $1 million to $5 million, often to small groups that rarely get contributions of that size. Many were to organizations that serve people with developmental, intellectual, and physical disabilities. The issue has great meaning to Golisano, whose son has a developmental disability. — Retired insurance executive Hyatt Brown and his wife, Cici, at No. 20, gave the Museum of Arts & Sciences, in Daytona Beach, Fla., $150 million for a new building and to turn its current home into a children's museum. — Businesswoman and venture capital investor Michele Kang, at No. 28, gave $84 million last year, including $4 million to help the USA Women's Rugby Sevens team prepare for the Olympics. Some big public debates have been swirling in the world of philanthropy. Some donors — most notably hedge-fund billionaire Bill Ackman — pushed back against the institutions they have supported, criticizing universities' responses to the October 7 attacks in Israel and campus protests against the war in Gaza; critiquing diversity, equity, and inclusion programs; demanding changes; and pledging to halt support. Some philanthropists believe that politicized public debates about giving are unhelpful noise that can get in the way of doing effective work. K. Lisa Yang (No. 34), a retired investment banker, gave $74.5 million this year, much of that to MIT and Cornell University, where she is a trustee. Over the years, Yang has given large sums to programs that help people who are physically or cognitively disabled, and she advocates for individuals with disabilities and autism-spectrum disorders. 'The people who are suffering from these disorders, they don't have the luxury of time,' she says. 'When you have a rare disease and they do politics, to the people who are suffering from the disorder, it is totally irrelevant. They're still suffering.' But some donors are loath to get ensnared in high-profile polarizing issues, says Renee Kaplan, CEO of the donor advisory firm Forward Global. As a result, she says, some donors are staying out of the fray by making anonymous gifts. Others are working together in donor collaboratives, both to boost their power and resources and to shield individual contributors from criticism. Donors are starting to say, 'I'll do more anonymously. I'm not going to put my name on things. I'm going to slow down our foundation for a while because I'm worried I'll be a target,' Kaplan says. 'I think there's genuine concern and pause and fear that's affecting donors.' This year's list marks the 25th anniversary of the Philanthropy 50 ranking. Buffett was the top donor over that period, with cumulative gifts totaling $49.4 billion. Microsoft co-founder Bill Gates and Melinda French Gates followed, with the $34 billion they gave together. (Since their divorce, both have appeared on the list individually.) Bloomberg, Jeff Bezos, and Elon Musk round out the top five. Buffett, Gates and French Gates, and Bloomberg together account for roughly one-third of the $314.5 billion in giving by Philanthropy 50 donors since 2000. The biggest gift made during that time is Buffett's 2006 pledge to the Gates Foundation, valued at the time at $36.1 billion. Associated Press coverage of philanthropy and nonprofits receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP's philanthropy coverage, visit
