The Giving Pledge Faces a Growing Backlash as Billionaire Philanthropy Shifts
A once-celebrated movement in philanthropy is showing signs of strain. The Giving Pledge, launched in 2010 by Warren Buffett, Bill and Melinda Gates, and others to encourage the ultra-wealthy to donate the majority of their fortunes to charity, is encountering a significant and quiet rebellion from within its own ranks, according to a major report by The New York Times.
The initiative, which saw 113 families sign in its first five years, has witnessed a sharp deceleration in new commitments. The pace fell to 72 in the second five-year period and dropped further to just 43 in the most recent five years. Sociologist Aaron Horvath, who has studied the Pledge, told the Times it now feels like a “time capsule” of the 2010s, stating that many billionaires now believe they can “keep my head down and keep making money. I don’t have to put up with this charity charade anymore.”
The report details a concerted effort by some signers to quietly withdraw their support. Tech billionaire Peter Thiel told the Times he has privately encouraged around a dozen signers to cancel their pledges, noting, “Most of the ones I’ve talked to have at least expressed regret about signing it.” Thiel was dismissive of the group, calling it an “Epstein-adjacent, fake Boomer club,” a reference to the damaged reputation of Bill Gates over his past connections to Jeffrey Epstein—though the Times notes Thiel has his own ties to Epstein.
Several high-profile figures have quietly distanced themselves. Coinbase co-founder Brian Armstrong, described as an executive who “now evinces a disdain for liberal politics,” voluntarily left the group in 2024 without public explanation. The following year, Oracle’s Larry Ellison, one of the first signers, announced he was “amending” his pledge to direct funds to for-profit initiatives, which fall outside the Pledge’s original charitable scope.
The Times situates this shift within a broader political and economic realignment, describing “an era of a more voracious capitalism” where some billionaires are “trending right and getting ahead by embracing an administration that is happy to dole out favors.” In this context, many see direct business success and economic growth as a more effective form of “giving back” than traditional philanthropy.
The Giving Pledge has also faced sustained criticism from the political left. A 2024 report from the Institute for Policy Studies argued the initiative is “unfulfilled, unfulfillable, and not our ticket to a fairer, better future.” A Pledge spokesperson called the report “misleading” with incomplete data. Taryn Jensen, who runs the Giving Pledge for the Gates Foundation, told the Times, “In its early years, the Giving Pledge helped build norms where few existed. Our goal is to keep building a culture where giving is the norm and to provide the support that helps turn commitment into action.” Venture capitalist Ron Conway, close to Bill Gates, pushed back against the notion that the Pledge is politically aligned, stating it includes “plenty of conservatives and moderates.”
