Giving Pledge Faces Challenges, Despite Success Stories

0:00In Sydney, it's March 16, and here's what is going on. The Giving Pledge launched in June 2010, started by Bill Gates, Melinda French Gates, and Warren Buffett. It asked the world's richest people to commit more than half their wealth to charity. Over 250 families signed on, including big names like Mike Bloomberg and the Kenzie Scott. Back then, it set a new standard for billionaire giving. Early years saw huge momentum, with 113 signers in the first five years. Then it slowed, with 72 in the next five, and just 43 since then. This year brought only four new pledges, down from 14 last year. Billionaires today pushed back harder. Some call it outdated, or just public relations. Tech leaders like Elon Musk argue their businesses count as giving back. Others, like Peter Teal, actively criticize it, while a few have even backed out. Bill Gates' ties to Jeffrey Epstein damaged his image, sparking his 2021 divorce, and Melinda's exit from the foundation this year.

1:02Politics shifted, too, with less bipartisan support for causes like global health and education. Still, success is shined through, like McKenzie Scott donating billions since signing in 2019. Pledge leaders say many are meeting goals, and is fostering a giving culture, even amid tough times for nonprofits. The Daily News Now is powered by our sponsor, Link in the Description. When you want calm, do not reach for your phone. Lay back and listen, S-O-L-L-I-SoliPillow.com.