Billionaire Sam Bankman-Fried, the founder of the crypto exchange FTX, has reported that he plans to give away 99% of his wealth.
He reportedly reached his decision because he endorses the philosophy of 'effective altruism', practice he became familiar with in college.
Despite the vast amount of wealth he holds, the 30-year-old is known to lead a modest life, driving a Toyota Corolla and still maintaining the lifestyle of a student. According to Bloomberg, his goal is to produce as much wealth as possible so that he is in a position to give away more.
Bankman-Fried says that he plans to keep just 1% of his annual earnings, which is equivalent to $100,000.
He told Bloomberg:
"You pretty quickly run out of really effective ways to make yourself happier by spending money. I don't want a yacht."
Bankman-Fried, who graduated from MIT, learnt the practice of effective altruism in 2012 while in his junior here in college. The practice follows mathematical calculations to effectively determine how the most good can be produced given a certain amount of time and money available to each
Central to his philosophy, is the concept of 'earning to give', an approach he followed while working on Wall Street for a few years, where he donated 50% of his earnings to animal welfare.
Following the Russian invasion of Ukraine, the FTX founder gave cash to all of his Ukrainian users through his crypto exchange. In addition, he gave away $250,000 to aid Ukraine.
In his interview with Bloomberg, Bankman-Fried said that he does not
second-guess his decision to donate almost the entirety of his wealth.
He said:
"It's not a decision that I constantly reevaluate, because I think it just doesn't do me any good to be constantly reevaluating anything. It doesn't, minute to minute, feel to me like a decision anymore."
[Based on reporting by: Business Insider]
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