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Interesting parts: > As of 2016, he lived in a rented apartment in San Francisco, with remaining assets of $2 million. > [I]n 1984, [he] secretly transferred

Interesting parts: > As of 2016, he lived in a rented apartment in San Francisco, with remaining assets of $2 million. > [I]n 1984, [he] secretly transferred his entire 38.75% stake in DFS, then worth about $500 million, to the foundation. Not even his business partners knew that he no longer personally owned any part of DFS. For years, Atlantic gave away money in secret, requiring recipients to not reveal the sources of their donations.

oldbbsnickname 3y ago
Embodies the antithesis of most billionaires, some of whom abuse the Silicon Valley Community Foundation (SVCF) to cheat the US govt (and other US taxpayers) by not paying their fair share. Why pay taxes when you can promise something in the distant future and get a tax dodge now?
- wbl 3y ago
  A DAF is not promising to give in the future: the shares are given immediately to a charity and must be donated at a certain minimum rate to other recipient charities. A DAF has the same tax status as a charitable foundation you create but without the organizational overhead or potential abuses.
  - somsak2 3y ago
    Have you used a DAF before? Shares actually do not have to be given to a specific charity when using one, at least not what most people would consider a "charity" when they use it colloquially -- this first charity is there mostly for bookkeeping. You are correct that DAF contributions are considered charitable donations in the year they are made, however.
    - wbl 3y ago
      The DAF is run by a 503c3 which owns them. I advise but they can decide to use it how they want.
- ben_w 3y ago
  > Embodies the antithesis of most billionaires Possible selection bias there: we hear about the loud ones, more than the ones secretly giving away money.
m463 3y ago
> Feeney gave away his fortune in secret for many years, until a business dispute resulted in his identity being revealed in 1997. > Feeney gave away more than $8 billion in his lifetime.
- amelius 3y ago
  I wonder what personality you have to have in order to acquire 8 billion and to give it all away. It must be a mix between a ruthless businessman, and mother Theresa. Never met anyone like that.
  - doggerel 3y ago
    He grew up during the Depression. Maybe that's part of the answer. He knew the value of a penny.
    - pdmccormick 3y ago
      Imagine coming to terms with having nearly a trillion pennies.
  - steveBK123 3y ago
    Past a certain point a lot of business execs are in it for the achievement itself and don’t know how to stop. Sort of like an athlete who is past their prime but refuses to retire. They aren’t in the game for the money but.. for the game. Of course most of them also like to live very comfortably and spend it. I guess once the $$ has a B in it maybe it becomes essentially impossible to spend it all and the money a theoretical concept at best. Good for him to give back in the most selfless way.
    - amelius 3y ago
      True, but the money allows a businessman to grow their business. Imagine your software got you to $5B, you can give away $4B, but you can also continue to grow and become a semiconductor superpower.

oldbbsnickname 3y ago

Embodies the antithesis of most billionaires, some of whom abuse the Silicon Valley Community Foundation (SVCF) to cheat the US govt (and other US taxpayers) by not paying their fair share. Why pay taxes when you can promise something in the distant future and get a tax dodge now?

wbl 3y ago
A DAF is not promising to give in the future: the shares are given immediately to a charity and must be donated at a certain minimum rate to other recipient charities. A DAF has the same tax status as a charitable foundation you create but without the organizational overhead or potential abuses.
- somsak2 3y ago
  Have you used a DAF before? Shares actually do not have to be given to a specific charity when using one, at least not what most people would consider a "charity" when they use it colloquially -- this first charity is there mostly for bookkeeping. You are correct that DAF contributions are considered charitable donations in the year they are made, however.
  - wbl 3y ago
    The DAF is run by a 503c3 which owns them. I advise but they can decide to use it how they want.
ben_w 3y ago
> Embodies the antithesis of most billionaires Possible selection bias there: we hear about the loud ones, more than the ones secretly giving away money.

m463 3y ago

> Feeney gave away his fortune in secret for many years, until a business dispute resulted in his identity being revealed in 1997. > Feeney gave away more than $8 billion in his lifetime.

amelius 3y ago
I wonder what personality you have to have in order to acquire 8 billion and to give it all away. It must be a mix between a ruthless businessman, and mother Theresa. Never met anyone like that.
- doggerel 3y ago
  He grew up during the Depression. Maybe that's part of the answer. He knew the value of a penny.
  - pdmccormick 3y ago
    Imagine coming to terms with having nearly a trillion pennies.
- steveBK123 3y ago
  Past a certain point a lot of business execs are in it for the achievement itself and don’t know how to stop. Sort of like an athlete who is past their prime but refuses to retire. They aren’t in the game for the money but.. for the game. Of course most of them also like to live very comfortably and spend it. I guess once the $$ has a B in it maybe it becomes essentially impossible to spend it all and the money a theoretical concept at best. Good for him to give back in the most selfless way.
  - amelius 3y ago
    True, but the money allows a businessman to grow their business. Imagine your software got you to $5B, you can give away $4B, but you can also continue to grow and become a semiconductor superpower.