A high-profile push to reshape how the ultra-wealthy give away their fortunes is now drawing sharp criticism from inside the billionaire class itself.
According to the New York Post, the Giving Pledge — launched in 2010 by Bill Gates, Melinda French Gates, and Warren Buffett — is facing renewed scrutiny as prominent tech figures question both its mission and its leadership.
Critics like Peter Thiel have taken aim at the initiative, deriding it as an “Epstein-adjacent, fake Boomer club,” according to The New York Times.
Thiel, who never signed the pledge, has reportedly urged fellow billionaires — including Elon Musk — to distance themselves from it.
He also warned that pledged funds could end up flowing “to left-wing nonprofits that will be chosen by Bill Gates,” the outlet reported.
The backlash comes as Gates faces fresh controversy over his past ties to Jeffrey Epstein.
Gates recently acknowledged he met Epstein multiple times after Epstein’s 2008 conviction and said he regretted those interactions. He has also said Epstein was one factor in the breakdown of his marriage.
The criticism isn’t limited to personal controversies. Some in the tech world argue that modern philanthropy has become too closely aligned with progressive causes, pointing to funding for climate initiatives, global health programs, and diversity efforts as evidence of ideological bias.
Others question whether the pledge has a real impact at all.
Venture capitalist Marc Andreessen argued that philanthropy once allowed billionaires to “wash away all of your sins,” but suggested that arrangement has eroded as skepticism toward the tech industry has grown.
Meanwhile, some high-profile participants appear to be stepping back. Brian Armstrong quietly removed his name from the pledge’s website in 2024, while Larry Ellison has said he is “amending” his commitment to focus more on for-profit ventures.
Skeptics also note the pledge lacks enforcement mechanisms and does not track how much signatories actually give, allowing donations to be delayed for decades.
Still, organizers defend the effort. Taryn Jensen, the pledge’s interim head, said debate is “inevitable and welcome,” noting the group now includes more than 250 donors across 30 countries, many of whom are actively working toward their commitments.
French Gates, however, acknowledged mixed results.
“Some are doing it, and some are trying or aren’t ready to,” she said.
“I wish we had been even more successful with the Pledge than we have been to date. It’s a problem to continue working on.”
