Giving up on giving

Morning Brew Design

The year was 2010: A peplum top was standard going-out attire, Justin Bieber had just released “Baby,” and billionaires were signing onto the Giving Pledge—an effort backed by Warren Buffett and Bill Gates that asked the ultrawealthy to commit more than half their money to nonprofits. But much like the BlackBerry as the go-to tech for busy business people, the pledge has significantly dipped in popularity since then. The New York Times reports: In the pledge’s first five years, from 2010–2015, 113 people signed. Over the next five years, 72 signed one. And the next five garnered just 43 new signatories, with only four new sign-ons in 2024. Last year, 14 people signed. In the past two years, Coinbase’s Brian Armstrong unsigned, and Oracle’s Larry Ellison said he was amending his (nonbinding) pledge to enable giving to more for-profits. But despite growing backlash from the billionaires it’s aimed at amid a very different political climate (and critics from the left, who assert signers aren’t giving away enough money), backers say the pledge helped establish a new norm of giving among the wealthiest.