NEW YORK - Another 17 U.S. billionaires, including Facebook co-founders Mark Zuckerberg and Dustin Moskovitz, have pledged to give away at least half their fortunes in a philanthropic campaign led by Warren Buffett and Bill Gates.
A total of 57 billionaires now have joined The Giving Pledge, which was launched by Microsoft founder Gates and investor Buffett in June. The campaign announced the new pledges in a statement late Wednesday.
Gates, his wife Melinda, and Buffett have asked U.S. billionaires to give away at least half their wealth during their lifetime or after their death, and to publicly state their intention with a letter explaining their decision.
The Giving Pledge does not accept money or tell people how to donate their money but asks billionaires to make a moral commitment to give their fortunes to charity.
"People wait until late in their career to give back. But why wait when there is so much to be done?" Zuckerberg, who gave $100 million in September to the beleaguered public schools of Newark, New Jersey, said in a statement.
"With a generation of younger folks who have thrived on the success of their companies, there is a big opportunity for many of us to give back earlier in our lifetime and see the impact of our philanthropic efforts," he said.
In addition to Zuckerberg and Moskovitz, the world's youngest billionaires, pledges were made by AOL co-founder Steve Case, financier Carl Icahn and Michael Milken, a former Wall Street executive who went to prison in the early 1990s for securities violations.
'CHANGE LIVES'
Morningstar Chief Executive Joe Mansueto, businessman Nicolas Berggruen and private investor Ted Forstmann also are among the new billionaires to take the pledges.
"In just a few short months we've made good progress," said Buffett, who made his fortune with insurance and investment company Berkshire Hathaway Inc.
"The Giving Pledge has re-energized people thinking about philanthropy and doing things in philanthropy and I look forward to many more conversations with families who are truly fortunate and whose generosity can and will change lives," he said.
Along with speaking to about a quarter of the wealthiest people in the United States about The Giving Pledge, Gates and Buffett hosted a dinner with Chinese billionaires in Beijing in September in a bid to promote a culture of philanthropy in China. The pair plan to visit India in March.
Forbes magazine said the United States is home to more than 400 billionaires, the most of any country.
Individual Americans gave more than $227 billion in 2009, according to the Giving USA report by the Center on Philanthropy at Indiana University, down just 0.4 percent from the previous year despite the U.S. recession.
Buffett pledged in 2006 to give away 99 percent of his wealth to the Bill & Melinda Gates Foundation and family charities. Bill and Melinda Gates have so far donated more than $28 billion of their fortune to their foundation.
The full list of billionaires and their letters can be seen at www.thegivingpledge.org.
Excerpts from some of the latest billionaire pledge letters:
Investment company founder Nicolas Berggruen: "Everyone is dealt a group of cards at birth. With them come possibilities and responsibilities. What one does with them is up to each one of us, and the sum of those choices, constitute our lives. I have been blessed with the chance to build the Nicolas Berggruen Charitable Trust."
AOL founder Steve Case and wife Jean: "We share the view that those to whom much is given, much is expected. We realize we have been given a unique platform and opportunity, and we are committed to doing the best we can with it.
"We also look forward to working with the dozens of others who have made the Giving Pledge commitment to share lessons, perspectives and best practices."
Investment fund founder Lee Cooperman and wife Toby: "We feel it is our moral imperative to give others the opportunity to pursue the American Dream by sharing our financial success ... In the 1930s, Sir Winston Churchill observed that 'We make a living by what we get but we make a life by what we give.' ... It is in this spirit that we enthusiastically agree to take the Giving Pledge."
David Green, founder of the Hobby Lobby arts and crafts stores, and wife Barbara: "Like my parents and their parents before them, you don't have to be wealthy to give. You can give your time, your talents and your passion. We congratulate those who have taken on this wonderful pledge."
Entrepreneur Lyda Hill: "I wish to make the world a better place by advancing solutions to medical and environmental issues through investments in and donations to science."
Investor Carl Icahn: "Until Bill, Melinda and Warren started this project, I never considered going public with my intentions.
"However, I certainly see the value of a project that encourages wealthy individuals to step forward and commit to use their wealth for the common good.
"I hope that by adding my voice with those who are supporting this project, we will all encourage others to participate."
Entrepreneur Sidney Kimmel: "My thinking is rather simple: I learned as a young boy that sharing with others is the right thing to do, a lesson I observed from my father's willingness to share even our meager means with those less fortunate. Ever since, it has never been difficult for me to continue to do the right thing."
Duncan and Nancy MacMillan: "We very much believe that the accumulation of wealth gets us nowhere. Money has the most value when it's used for others and the greater good, for sustaining and enriching our world. In our minds, foundational areas like education and health are the most critical."
Developer George P. Mitchell: "Throughout my life I've seen firsthand how even a little financial assistance could mean a chance for struggling students, dedicated scientists, and families to reach their goals."
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