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Steve Schwarzman Is The Latest Billionaire To Sign On To The Giving Pledge

The majority of Steve Schwarzman’s charitable contributions have been directed toward the improvement of educational opportunities for children and youth over the course of his career as a philanthropist.

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The famous “Giving Pledge” started by Warren Buffett, which (just in case you’re just joining us) encourages the investor’s fellow ultra-wealthy individuals with billion-dollar fortunes to give away the majority of those personal fortunes when they die, has just added another billionaire to its list of names: Bill Gates. The announcement was made relatively recently to Yahoo! Finance by Steven A. Schwarzman, who is both the CEO of The Blackstone Group and a billionaire financier.

In addition to the announcement, Schwarzman also sent an open letter to Bill Gates, who was one of the other architects of The Giving Pledge. In it, Schwarzman expresses that he considers adding his name to be a symbolic gesture in addition to any financial implications that it may have:

“Although the principles of the Pledge have long been reflected in my plans for my estate, I am joining because I believe it is an important signal to encourage others to step up philanthropically as well,” said the donor. “I am joining because I think it is an important signal to encourage others to step up philanthropically as well.”

Thos Robinson/Getty Images

Images courtesy of Thos Robinson/Getty Images

He then goes on to talk about his passion for philanthropy throughout his career, which, according to him, makes him a natural fit for the stated mission of the Giving Pledge:

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“The success of Blackstone has allowed me to pursue a wide range of interests, including a number of different philanthropic endeavors, which has significantly impacted my life in a myriad of different ways.

It gives me great satisfaction to take on difficult problems in philanthropy, just as it does in business, especially when those problems require thoughtful and creative solutions.

“Due to the potentially game-changing nature of my major projects, I have been required to provide substantial financial support in addition to my own personal involvement over the long term. Each project is a one-of-a-kind partnership in which I contribute the entirety of my experience, as well as my knowledge, network, and time, to ensure that the newly formed organizations are in the best possible position to achieve their goals.”

The majority of Schwarzman’s philanthropic efforts have been directed toward the improvement of educational opportunities for young people. He has donated more than a billion dollars to charitable causes to date. Recently, he made a commitment of approximately 350 million dollars to the Massachusetts Institute of Technology (MIT) in order to establish a school that will study artificial intelligence.

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Now that he has signed The Giving Pledge, he has successfully completed what has become something of a rite of passage for billionaire philanthropists. [Citation needed]