Billionaires spreading the wealth

Mark Zuckerberg joins group of tycoons pledging to give away their fortunes

Facebook founder Mark Zuckerberg and 15 other wealthy entrepreneurs are signing away the majority of their fortunes as part of the “Giving Pledge,” a philanthropic effort created by Microsoft founder Bill Gates and investor Warren Buffett. The sixteen new members of the exclusive club include AOL co-founder Steve Chase, investor Carl Icahn and junk-bond genius Michael Milken, and bring the pledge’s membership to more than fifty. “I view this as a call to others who might in their thirties or forties use some of their creativity to get involved in philanthropy earlier in life,” says Milken. This comes at a time when the poor economy is driving down charitable donations, with philanthropic giving in the U.S. falling 3.6 per cent between 2008 and 2009.

Wall Street Journal

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