Billionaires bolt from Bill Gates scandal-scarred Giving Pledge as critics brand it Epstein-adjacent

The Bill Gates-backed campaign urging billionaires to donate most of their fortunes to good causes is reportedly facing backlash as tech moguls mock the philanthropy club and Gates’ recently revealed ties to late financier and sex offender Jeffrey Epstein continue to shadow the initiative.Critics like Peter Thiel, who is not a signatory, have derided the Giving Pledge initiative as an “Epstein-adjacent, fake Boomer club” and privately urged fellow billionaires — including Elon Musk — to abandon the pledge, according to the New York Times.Thiel told Musk that he should pull out of the initiative because his money would go “to left-wing nonprofits that will be chosen by Bill Gates,” the Times reported, citing a recent speech that Thiel gave.Gates has come under fire in recent weeks after he admitted to cheating on his then-wife, Melinda French Gates, with two Russian women that he met through the late Epstein.The pledge has also drawn criticism from some tech investors who argue that modern philanthropy has become intertwined with progressive politics.Critics say many of the nonprofits and foundations favored by major donors — particularly those tied to global health, climate initiatives and diversity programs — reflect left-leaning priorities, fueling claims that the Giving Pledge has become associated with “woke” causes rather than politically neutral charity.Venture capitalist Marc Andreessen has argued that philanthropy once functioned as a kind of reputational bargain for billionaires — allowing them to “wash away all of your sins” and be recast as virtuous donors.Since then, however, that social contract has broken down as criticism of the tech sector has intensified.Brian Armstrong, the billionaire founder of Coinbase, quietly exited the initiative in 2024 — removing his name from the pledge’s website five years after signing on, the Times reported.Even some early supporters are said to be rethinking their commitments.Larry Ell...