Tycoons pledge fortunes to charity in multi-billion-dollar giveaway

Aug 4, 2010, 21:54 GMT

New York - Some of the richest billionaires in the US on Wednesday pledged to give at least half of their fortunes to charity as part of an initiative organized by Microsoft founder Bill Gates and legendary investor Warren Buffet.

'We've really just started, but already we've had a terrific response,' said Warren Buffett, who founded the Giving Pledge in June with Gates. 'At its core, the Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used. We're delighted that so many people are doing just that - and that so many have decided to not only take this pledge but also to commit to sums far greater than the 50 per cent minimum level.'

Among the 40 individuals and families who signed on for what is probably the biggest private giveaway in history were tech billionaire Larry Elliso, the founder of Oracle; New York mayor Michael Bloomberg; film-maker George Lucas; CNN founder Ted Turner; oil entrepreneur T Boone Pickens; entertainment executive Barry Diller and eBay founders Jeff Skoll and Pierre Omidyar.

'Until now, I have done this giving quietly - because I have long believed that charitable giving is a personal and private matter,' wrote Ellison in a public letter on the Giving Pledge's website.

Ellison said he intended to give away at least 95 per cent of his wealth to charitable causes and that he had already donated hundreds of millions of dollars to medical research and education.

'So why am I going public now? Warren Buffett personally asked me to write this letter because he said I would be 'setting an example' and 'influencing others' to give,' Ellison wrote. 'I hope he's right.'