FTX CEO Becomes Latest Billionaire to Sign ‘Giving Pledge’
Sam Bankman-Fried (SBF), Co-Founder and CEO of crypto exchange FTX, has signed the Giving Pledge.
The Giving Pledge is an initiative started in 2010 by Warren Buffett, Bill Gates, and Melinda Gates to encourage some of the world’s richest individuals, couples, and families to publicly declare that they will give the majority of their donations. their property for charitable causes “whether in their lifetime or in their will.” It “came to life after a series of conversations with philanthropists about how they can set a new standard of philanthropy among the super-rich.”
According to a CoinDesk report, SBF, who is currently ranked by Forbes as the 79th richest person in the world with a real-time estimated net worth of $20.3 billion (as of June 5, 2022), joined a host of other billionaires in pledging most of their fortunes to philanthropic causes. The list of signatories of the pledge includes Richard and Joan Branson, Ray and Barbara Dalio, Larry Ellison, Carl Icahn, Meta Founder Mark Zuckerberg and his wife Priscilla Chan, Tesla and SpaceX CEO Elon Musk, and CEO Coinbase operator Brian Armstrong.
The 30-year-old American has become one of the wealthiest individuals in the world thanks to his stake in FTX. The exchange closed a $400 million fundraiser earlier in the year and now holds a $32 billion valuation.
Here is what SBF wrote in its Letter of Commitment:
“A while ago, I believed it was our duty to do as much as we could for the long-term aggregate utility of the world.”