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Billionaire CEO says charity is a ‘negative’ for the world: ‘I’m not going to do that’
Yahoo • • business
Key Points:
- Coinbase CEO Brian Armstrong, a billionaire with a net worth of several billion dollars, has expressed no interest in starting a charity or philanthropic foundation, viewing philanthropy as potentially harmful.
- Armstrong, who co-founded Coinbase and ranked No. 422 on Forbes' 2026 Billionaires list, previously joined the Giving Pledge in 2018 but closed his nonprofit GiveCrypto in 2023 and left the pledge in 2024.
- In a recent podcast interview, Armstrong described charities and philanthropies as "net negative" due to their susceptibility to ideological capture and unintended negative consequences.
- He criticized foundations for losing their original mission, citing concerns that philanthropy efforts can sometimes worsen issues like crime through misguided reforms.
- Instead of traditional philanthropy, Armstrong uses a donor-advised fund to support initiatives he believes genuinely help advance civilization, avoiding loss of control over his contributions.
