It's not fair.
That's surprising.
Un-American.
That's how technology entrepreneur Jeff Atwood sees the staggering wealth inequality in the United States today.
In response, he and his family have pledged to donate half of their fortune within five years, starting with a $1 million donation to eight nonprofit organizations this month.
His warnings about the dangers of rising inequality were echoed by outgoing President Joe Biden in his final prime-time address Wednesday.
“Today, an oligarchy is forming in the United States with extreme wealth, power, and influence that literally threatens our entire democracy, our fundamental rights and freedoms, and a fair chance for advancement for everyone,” Biden said. ” he said.
Atwood, co-founder of Stack Overflow, a popular forum for software developers, made the pledge in a blog post on January 7th.
“The American Dream is not just about getting rich. It's about everyone being successful,” Atwood told The Associated Press in an interview from his home in the Bay Area.
Atwood said he believes inequality is limiting hopes for the American Dream, which is a possibility that is “well-rewarded through a combination of hard work and luck.”
Atwood's initial donations support a variety of nonprofit organizations, from free speech organization PEN America to reproductive health organization Planned Parenthood and disaster response organization Team Rubicon.
“What's unique about his gift is that it's inherently built on trust,” said Art Delacruz, CEO of Team Rubicon. It was said that it was carried out.
His decision to give away half of his family's wealth is unusual even among the wealthiest people.
In addition to donating his own money, Mr. Atwood truly hopes to inspire others to take action.
“I want people to still believe that this is possible,” he said of the American Dream.
“I lived there, so it's like a land of opportunity. It was a really great dream and I'm honored to have achieved it. But I have to share it.”
The $1.6 billion sale of Stack Overflow in 2021 made Atwood and his co-founders and early employees extremely wealthy compared to the majority of Americans, but it also made him extremely wealthy in Silicon. He never tapped into the valley giant's inner circle.
In other words, he's not a billionaire.
Atwood didn't want to reveal exactly how much he plans to donate, but it's safe to say he plans to donate tens of millions more.
But what he really wants is for more people to believe that it's possible to build a more affordable and livable economy.
“I want people to feel like they can do something because there's so much hopelessness in the world, like, 'We're really screwed.' There's nothing we can do,” he said. Said.
Deborah Small, a professor at the Yale School of Business, said there's a risk that talking about donations can make you look like you're promoting your reputation or virtue.
But you can also increase your own influence by influencing others.
“If we want to increase philanthropy in the world, our evidence suggests that the more public we are, the better outcomes we can achieve with philanthropy,” she said. said.
writing on his stuff Long-term serial blog “Coding Horror” Atwood also pointed out that the large number of Americans not voting is a sign of future deterioration in American public confidence.
He said the stakes had increased in recent elections, but was quick to emphasize in interviews that he is not affiliated with any political party.
“I like good leaders. I don't care what your ideology is. What I care about is whether you are creating human beings who will help build a better world.” And those are organizations that I support,” he said.
Atwood has pledged to give away half of his fortune, following in the footsteps of a group of even wealthier people.
In 2010, Warren Buffett, Bill Gates, and Melinda French Gates launched the Giving Pledge, a pledge limited to billionaires to donate at least half of their wealth during their lifetime or upon their death. did. 244 people have participated so far.
Atwood said he was inspired by the pledge, but added a five-year time element to move the money.
Start and end your day with our newsletter
Morning report and evening update: Your source for today's top stories
Thank you for registering!
Another pledge initiated by leaders of the effective altruism movement calls on everyone to pledge to donate 10% of their income each year to charities they define as effective.
Since 2009, the organization behind the pledge, Giving What We Can, reports that more than 9,500 people have signed it.
Atwood spoke earnestly about his dedication to the founding ideals of Thomas Jefferson.
He wrote about attending the University of Virginia, founded by Jefferson, and working part-time to pay for his education. In his blog post announcing the donation, Atwood also mentioned SE Hinton's 1967 novel “The Outsider,” and specifically a reading of Robert Frost's poem “Nothing Gold Can Stay.”
Atwood said he sees it as “a meditation on maintaining youthful ideals despite the fleeting nature of life.”
He said he decided to donate half of his fortune because it seemed fair.
“When you reach this level of wealth, you realize how difficult and unfair it is for others,” Atwood said.
“And some unfairness is okay. I'm not saying we're socialists here. I'm not saying that, but I want everyone to judge fairly. I think that's the way it should be. Everyone should have a chance.”