Wednesday, 27 July 2016
Last updated 19 hours ago
Apr 29 2011 | 12:40pm ET
Yet another billionaire has joined Warren Buffett’s charity drive: Ray Dalio of Bridgewater Associates has agreed to give the majority of his wealth away under the Sage of Omaha’s Giving Pledge program.
Dalio, one of the highest-earning hedge fund managers in the U.S. last year, and his wife Barbara were among 10 families named Friday in a statement from the Giving Pledge. To date the organization, founded in June by Buffett and (fellow pledger) Bill Gates, has convinced 69 families in the U.S. to agree to donate more than half their fortunes to charity. Pledges include Facebook founder Mark Zuckerberg and filmmaker George Lucas.
In addition to Bridgewater’s Dalio, the latest crop of pledges includes Jim Simons of Renaissance Technologies, Julian Robertson of Tiger Management, Leon Cooperman of Omega Adviors and T. Boone Pickens of BP Capital.
In their pledge letter, an excerpt of which was included in Friday’s statement, the Dalios said:
“Having more money, while nice, wasn’t all that important. Taking our excesses and providing it to others who have extreme shortages has been both a good investment and a great satisfaction.”
The letter went on to say the couple would support inner-city education, micro-finance and nature conservation.