Unfair.
Astonishing.
Un-American.
That’s how tech entrepreneur Jeff Atwood sees the staggering wealth inequality within the U.S. as we speak.
In response, he and his household have pledged to provide away half their wealth inside 5 years, beginning with $1 million presents to eight nonprofits this month.
His warning in regards to the risks of rising inequity was echoed by outgoing President Joe Biden in his last primetime speech Wednesday.
“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,” Biden stated.
Atwood, who co-founded Stack Overflow, a preferred discussion board for software program builders, made the pledge Jan. 7 in a weblog publish.
“The American dream isn’t about just getting rich. It’s about everyone succeeding,” stated Atwood, in an interview with The Related Press from his house within the Bay Space.
Atwood stated the inequity reduces hope within the American dream, which he sees as the opportunity of being “rewarded handsomely for a combination of hard work and good luck.”
Atwood’s preliminary presents help a spread of nonprofits, from PEN America, which advocates without cost speech, to reproductive well being group Deliberate Parenthood to Workforce Rubicon, a catastrophe response group.
“What’s unique about his donation is, it’s essentially built on trust,” stated Artwork delaCruz, CEO of Workforce Rubicon, saying the reward had come out of the blue.
The dedication to provide away half of his household’s wealth is uncommon even among the many richest folks.
And past giving his personal cash away, Atwood sincerely hopes to maneuver others to motion.
“I want people to still believe that this is possible,” he stated of the American dream.
“Like the land of opportunity, because I lived it. And it was such it was an amazing dream and I’m honored to have done it. But I have to share it.”
The sale of Stack Overflow for $1.6 billion in 2021 made Atwood, his co-founder and early staff wildly rich in comparison with the overwhelming majority of People, but it surely didn’t launch him into the internal ring of Silicon Valley’s titans.
In different phrases, he’s no billionaire.
Atwood didn’t wish to disclose precisely how a lot he deliberate to provide away, although it’s protected to say he has tens of hundreds of thousands extra lined as much as donate.
However what he actually needs is to encourage extra folks to imagine that it’s doable to create a extra inexpensive and livable economic system.
“I want everyone to feel like they can do something because there’s a lot of hopelessness out there — like, ‘We’re just so screwed. There’s nothing we can do’,” he stated.
Deborah Small, a professor at Yale Faculty of Administration, stated there’s a threat of trying such as you’re burnishing your repute and advantage signaling by speaking about your giving.
However it could possibly additionally assist enhance your influence by influencing others to provide.
“If we want to increase philanthropy in the world, our evidence suggests that the more public we are, the better outcomes we can achieve for philanthropy,” she stated.
Writing on his long-running weblog, “Coding Horror,” Atwood additionally pointed to the plurality of People who don’t vote as an indication of the deterioration of American’s religion sooner or later.
He stated the current election had raised the stakes however was fast to emphasise in an interview that he’s not dedicated to any political celebration.
“I like good leaders. I don’t care what you’re ideology is. What I care about is, are you creating humans that can help us build a better world? And those are the organizations I support,” he stated.
In pledging to provide away half of his wealth, Atwood is following within the footsteps of a gaggle of even wealthier folks.
In 2010, Warren Buffett, Invoice Gates and Melinda French Gates began the Giving Pledge, which invitations billionaires — solely — to decide to gifting away greater than half of their wealth of their lifetimes or on the time of their dying. Up to now, 244 have joined.
Atwood stated he was impressed by the pledge however is including a time ingredient of 5 years to maneuver the cash.
One other pledge began by leaders within the efficient altruism motion invitations anybody to vow to provide away 10% of their earnings every year to charities they outline as efficient.
Since 2009, the group that sponsors the pledge, Giving What We Can, experiences greater than 9,500 folks have signed on.
Atwood spoke earnestly about his dedication to the United State’s founding beliefs as set out by Thomas Jefferson.
He attended the College of Virginia, which Jefferson based, and wrote about scraping collectively his tuition via part-time jobs. In his weblog publish saying the donations, Atwood additionally referenced the 1967 novel “The Outsiders,” by S.E. Hinton, and notably, a recitation of the Robert Frost poem, “Nothing Gold Can Stay.”
Atwood stated he noticed it as “a meditation on retaining our youthful ideals despite the fleeting nature of life.”
He stated he selected gifting away half his wealth as a result of that appeared truthful.
“When you get to this level of wealth, you really see how difficult it is for everyone else and it’s unfair,” Atwood stated.
“And some unfairness is okay. I’m not saying we’re socialists here. I’m not in anyway saying that, but I want everyone to have a fair shot. I think that’s right. That’s the way it should be. Everyone should have a chance.”
