The good billionaire… eventually? How many people never become billionaires in the first place because accumulating all that wealth in the first place is bad. Unless you have a billion in inheritance in one go or something.
If you’re wealth is in stock that have voting rights and you founded the company, getting rid of the stock is risky as it reduces your control over the company. In that case, if you sell you stock to lower your wealth, a bad faith actor could come in and depose you. If you’re a “good millionaire” then this could then have the effect of lowering your charitable giving potential.
Stocks are essentially people putting bets on you and your company. Most billionaires don’t just become billionaires by themselves…the public anoints them.
And I think the public should be able to rescind that if the person does more public harm than good.
It’s a good and timely question, because we’re approaching a spate of “deathbed conversions” from today’s crop of billionaires. Are they forgiven when they divest and begin their philanthropic epilogue?
IMHO that should be policy, for reasons similar to that of accepting surrender.
But clearing their name is not part of that deal, and forgiveness is a far more personal matter.
The good billionaire… eventually? How many people never become billionaires in the first place because accumulating all that wealth in the first place is bad. Unless you have a billion in inheritance in one go or something.
If you’re wealth is in stock that have voting rights and you founded the company, getting rid of the stock is risky as it reduces your control over the company. In that case, if you sell you stock to lower your wealth, a bad faith actor could come in and depose you. If you’re a “good millionaire” then this could then have the effect of lowering your charitable giving potential.
Stocks are essentially people putting bets on you and your company. Most billionaires don’t just become billionaires by themselves…the public anoints them.
And I think the public should be able to rescind that if the person does more public harm than good.
Yeah, great points.
It’s a good and timely question, because we’re approaching a spate of “deathbed conversions” from today’s crop of billionaires. Are they forgiven when they divest and begin their philanthropic epilogue?
IMHO that should be policy, for reasons similar to that of accepting surrender.
But clearing their name is not part of that deal, and forgiveness is a far more personal matter.