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“It is impossible to overestimate the potential his fortune could have,” said Benjamin Soskis, senior research associate at the Urban Institute’s Center on Associations and Philanthropy. “We are dealing with a scale that is difficult to grasp.”
Musk’s increase in wealth means he will have to dramatically increase the pace of giving in order to fulfill his pledge to give more than half, Soskis said. “He must be a lot more aggressive than he is now.
The question for philanthropy experts is how Musk is going to go about it. The richest people in the world have taken a variety of approaches: Gates has become both a full-time philanthropist and a public figure in fields like public health. Twitter Inc. co-founder Jack Dorsey made his donations transparent by posting each donation on a publicly accessible spreadsheet.
By taking to Twitter for donation suggestions, Musk is following in Bezos ‘footsteps, who sent a similar tweet asking for ideas from his followers in 2017. MacKenzie Scott, Bezos’ ex-wife, launched another model Billionaire Giving: Approaching hundreds of nonprofits and educational institutions and handing out big checks with no strings attached. His donations in 2020 totaled nearly US $ 6 billion.
Brian Mittendorf, a professor at Ohio State University who studies nonprofits, suggested that Musk follow Scott’s lead and curb his innovation instinct.
“A trap that many wealthy philanthropists fall into is the desire to reinvent philanthropy on their own, rather than relying on those who already have expertise and experience, but who simply need funds to expand their impact,” did he declare.