{"id":8206,"date":"2026-03-18T07:05:00","date_gmt":"2026-03-18T07:05:00","guid":{"rendered":"https:\/\/friscotimes.org\/?p=8206"},"modified":"2026-03-20T13:44:03","modified_gmt":"2026-03-20T13:44:03","slug":"less-than-10-out-of-250-billionaires-have-kept-their-promise-to-give-away-their-fortune-and-a-philanthropy-ceo-says-elon-musk-is-right-about-why","status":"publish","type":"post","link":"https:\/\/friscotimes.org\/?p=8206","title":{"rendered":"Less than 10 out of 250 billionaires have kept their promise to give away their fortune\u2014and a philanthropy CEO says Elon Musk is right about why"},"content":{"rendered":"\n

Giving away billions sounds easy. Write a check and change the world. But Elon Musk, the world\u2019s richest man, admitted last year that, actually, \u201cit is very difficult to give money away for the reality of goodness.\u201d And perhaps surprisingly, a nonprofit boss has said he\u2019s not wrong.<\/p>\n

\n

Liz Baker, the CEO of Greater Good Charities\u2014a global nonprofit that has distributed more than $1 billion in impact across 121 countries since 2006\u2014has been navigating the complexity of giving away other people\u2019s money for over a decade. And she\u2019ll tell you Musk is only scratching the surface of how hard it really is.<\/p>\n

\u201cI wish I had a billion dollars to give away, but as somebody who\u2019s responsible for giving away money, yeah, it\u2019s hard, because there\u2019s a really big responsibility that goes with that,\u201d Baker exclusively told Fortune<\/em>. \u201cIf you give me $1, I\u2019m going to spend it the way that you want it spent. But there\u2019s all this stuff that goes into it\u2014geopolitical stuff, you don\u2019t want to create dependencies in communities\u2014like, what is the right avenue, and what are things that are really needed?\u201d<\/p>\n

Baker, who has led Greater Good Charities since 2012, oversees an organization that spans crisis and disaster response, humanitarian relief, biodiversity, and animal health and well-being across more than 120 countries. Under her watch, it has earned a 100\/100 score from Charity Navigator and a Platinum Rating from GuideStar for transparency\u2014the nonprofit equivalent of straight A\u2019s.<\/p>\n

Her critique isn\u2019t that giving is impossible\u2014it\u2019s that most people dramatically underestimate what it requires.\u00a0<\/p>\n

Unlike a normal transaction\u2014where a donor gets something tangible in return, a product, a deliverable, a number they can point to\u2014philanthropy asks you to fund a vision: here\u2019s the problem, here\u2019s the solution, here\u2019s the hoped-for outcome. And then you have to wait years to see if you were actually right.\u201dYou can\u2019t just go at a problem and be like, here\u2019s a billion dollars, figure out the problem,\u201d Baker said. \u201cIt\u2019s too complicated. It doesn\u2019t work like that.\u201d<\/p>\n

Essentially, it\u2019s one thing to sign away a big paycheck, but as Musk says, it\u2019s another thing to actually create tangible change for good with that money.<\/p>\n

The antidote? Perhaps a more trial-and-error approach. What doesn\u2019t happen enough, in her view, is the kind of nimble, honest reckoning with failure that good philanthropy demands. \u201cBeing able to pivot and being able to say, okay, this didn\u2019t work\u2014what do we do differently? A lot of testing,\u201d she said. \u201cYou can\u2019t just go at a problem, it\u2019s too complicated.\u201d<\/p>\n

Stop waiting for billionaires. Do something yourself.<\/h2>\n

Billionaire pledges are great\u2014in theory.\u00a0<\/em><\/p>\n

\u201cA pledge is a promise, right?\u201d Baker said, when asked whether such commitments mean anything in practice. \u201cOur experience with pledges is that most of the time donors will come through\u2014not all of the time, though.\u201d<\/p>\n

Indeed, many remain little more than a name on an open letter. Just look at The Giving Pledge\u2014the commitment, co-founded by Bill Gates, Melinda French Gates and Warren Buffett, that asks the ultra-wealthy to donate at least 50% of their fortunes\u2014has attracted more than 250 signatories since its launch in 2010. <\/p>\n

The number who have actually followed through? A handful\u2014less than 10. Most only fulfilled the pledge after their deaths. Out of the U.S. signatories, just one couple, John and Laura Arnold, fully complied with the commitment they signed.\u00a0<\/p>\n

It\u2019s why Baker doesn\u2019t think we can wait on billionaires to solve the world\u2019s problems. \u201cI think if everybody did something to help in their community, we wouldn\u2019t have the issues that we have.\u201d<\/p>\n

How can everyday people be more philanthropic right now?<\/h2>\n

Baker\u2019s not naive about most people\u2019s economic reality. Cost-of-living pressures have squeezed household budgets to the point where even six-figure earners report struggling to afford basics.\u00a0<\/p>\n

But making a difference doesn\u2019t have to come at a cost. \u201cEverybody can chip in\u2014and it doesn\u2019t even have to be money. Like, do something<\/em>.\u201d<\/p>\n

\u201cEven if you\u2019re like, I have one hour a week to solve this problem in my community that I care about,\u201d Baker said. \u201cFigure out how to do that. Most local nonprofits need help.\u201d<\/p>\n

The worst thing you can do, in her eyes, is just complain. \u201cThere are people that are just like, well, I don\u2019t like to see homeless people sitting on the corner, but I\u2019m not willing to do anything about it except complain,\u201d she said. \u201cInnovate, people. Come on. Everybody\u2019s good at something. Everybody cares about something.\u201d<\/p>\n

And she practices what she preaches. Despite running a multimillion-dollar organization and being a mother, Baker volunteers outside of her CEO role\u2014showing up not as an executive but simply as someone with something to give back. \u201cI volunteer\u2014not as a CEO\u2014as a person who has something to give back,\u201d she said. \u201cIn a way, that\u2019s like showing up and doing the work very differently than what I do here.\u201d<\/p>\n

\u201cIf everybody did that, we wouldn\u2019t be in the situation we\u2019re in.\u201d<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Giving away billions sounds easy. Write a check and change the world. But Elon Musk, the world\u2019s richest man, admitted last year that, actually, \u201cit is very difficult to give…<\/p>\n","protected":false},"author":271,"featured_media":8207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[6],"tags":[4691,111,747,8993,1622,748,8994,425],"jetpack_publicize_connections":[],"yoast_head":"\nLess than 10 out of 250 billionaires have kept their promise to give away their fortune\u2014and a philanthropy CEO says Elon Musk is right about why - Frisco Times<\/title>\n<meta name=\"description\" content=\"The CEO who gives away billions for a living says Elon Musk is right: philanthropy is very hard\u2014but stop waiting on billionaires to do it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/friscotimes.org\/?p=8206\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Less than 10 out of 250 billionaires have kept their promise to give away their fortune\u2014and a philanthropy CEO says Elon Musk is right about why - 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