An admirable and noble act on his part for not wanting to accumulate enough wealth and enjoy all the fine things in life which his money can obviously buy.
Is he going to donate to a charity organisation? That's the most logical way to spread the money across to reach the less privilege.
Am a bit surprised to read this, most people nowadays (especially the rich are always looking for ways to maximize their wealth) it is a generous act I must say.
Topic: Sam Bankman-Fried, the founder of FTX, wants to give away 99% of his money - page 2. (Read 268 times)
April 05, 2022, 03:17:59 PM
April 05, 2022, 02:16:18 PM
it's very noble of him, and I wonder where he will give these 99%, if these are charitable foundations that really help people, then this good deed will not be ignored, because you can't earn all the money, and for someone this money is vital.This act will bring him more than he will give, a good man.
Personally I think it would be a better idea if he gave that money away directly to the people that need it, some charity organizations do a good job but even the most efficient charity still needs to spend resources on maintaining the charity itself, so if you can reach your target audience directly then it is way more effective to distribute the money directly than to use a proxy like a charity organization, and that is assuming the charity organization is legit, because as we know there are many charity organizations that are more interested in getting funding than in solving whatever problematic they are supposed to solve. 
April 05, 2022, 01:59:04 PM
it's very noble of him, and I wonder where he will give these 99%, if these are charitable foundations that really help people, then this good deed will not be ignored, because you can't earn all the money, and for someone this money is vital.This act will bring him more than he will give, a good man.
If you read the full article you will realize the funds will go to ukranian users and some other donations like animal welfare.
Quote
In February after Russia invaded Ukraine, the FTX founder said his crypto exchange gave cash to all of its Ukrainian users. He also personally donated $250,000 in tether to Ukraine.
The idea about give to earn more is nice, his goal is to keep only 1% of his earnings each year, and it's a great way to help others if you earn a lot.
April 05, 2022, 01:37:12 PM
it's very noble of him, and I wonder where he will give these 99%, if these are charitable foundations that really help people, then this good deed will not be ignored, because you can't earn all the money, and for someone this money is vital.This act will bring him more than he will give, a good man.
April 05, 2022, 10:51:46 AM
"The billionaire founder of crypto exchange FTX, Sam Bankman-Fried, has plans to give away the vast majority of his wealth thanks to the philosophy of "effective altruism," which he learned in college.
Despite running a multibillion-dollar global crypto exchange, the 30-year-old drives a Toyota Corolla, lives like a college student, and has a goal of making as much money as possible so that he will have more to give away, according to Bloomberg.
Even with his massive wealth, he says he'll keep only about 1% of his earnings each year, or about $100,000.
"You pretty quickly run out of really effective ways to make yourself happier by spending money," Bankman-Fried told Bloomberg. "I don't want a yacht."
Bankman-Fried told Bloomberg he doesn't second-guess his decision to give most of his money away."
Full article: https://markets.businessinsider.com/news/currencies/ftx-sam-bankman-fried-wealth-donation-crypto-altruism-charity-ukraine-2022-4
Despite running a multibillion-dollar global crypto exchange, the 30-year-old drives a Toyota Corolla, lives like a college student, and has a goal of making as much money as possible so that he will have more to give away, according to Bloomberg.
Even with his massive wealth, he says he'll keep only about 1% of his earnings each year, or about $100,000.
"You pretty quickly run out of really effective ways to make yourself happier by spending money," Bankman-Fried told Bloomberg. "I don't want a yacht."
Bankman-Fried told Bloomberg he doesn't second-guess his decision to give most of his money away."
Full article: https://markets.businessinsider.com/news/currencies/ftx-sam-bankman-fried-wealth-donation-crypto-altruism-charity-ukraine-2022-4
Jump to: