Peter Thiel is actively persuading billionaires to walk away from The Giving Pledge — and his efforts are paying off

Peter Thiel isn’t merely skeptical of The Giving Pledge—he’s been actively engaged in working to undermine it from the inside, telling those who signed to back away from their commitments and referring to the organization as an “Epstein – related, fake Boomer club.”

In an interview with The New York Times, Thiel asserted that The Giving Pledge, the philanthropic campaign aimed at persuading the world’s wealthiest to commit to donating 50% or more of their wealth, has become outdated. “They managed to get an astonishing number of people to sign up in those initial four or five years, but somehow it has truly lost its momentum,” he stated. “I’m not sure if the branding is overtly negative, but it seems far less important for people to join.”

The U.S. wealth gap has reached new extremes, with the top 10% of households holding more than two – thirds of the nation’s wealth, as per Federal Reserve data. The majority of the country’s wealth remains in the hands of older generations. And the accumulation of wealth has hollowed out the middle class over the past few decades. Philanthropy has long served as a practical implementation of trickle – down economic theory. A departure from that philanthropic framework—one of the most organized efforts in modern history to transfer wealth from the pockets of the country’s richest—might indicate that the money flow is being constricted.

The Giving Pledge was launched in 2010 by Bill Gates, Melinda French Gates, and Warren Buffett. The list of signatories includes some of the country’s wealthiest individuals, such as those who have given away large sums of their money, like Mackenzie Scott and the late Microsoft co – founder Paul Allen.

Although it has received more than 250 signatures from the world’s wealthiest global philanthropists, the number of wealthy people signing up has declined in recent years. Only four pledged in 2024, and 14 signed on in 2025, according to a list of signatories compiled by The Giving Pledge. This is occurring even as more of the world’s wealthiest attain billionaire status each month, with Forbes’ latest estimate showing there are over 3,400 billionaires globally.

Thiel’s push to abandon The Giving Pledge

Thiel said he has encouraged a few to remove their signatures. “I’ve strongly dissuaded people from signing it, and then I’ve gently urged them to revoke their signatures,” Thiel said. Notably, in transcripts and audio lectures given by Thiel to Reuters last year, he recalled asking the world’s richest man and soon – to – be the first ever trillionaire Elon Musk to withdraw his pledge, warning the Tesla founder that his wealth would go to “left – wing nonprofits that will be selected by Bill Gates.”

Thiel said he has had conversations with some signatories who have expressed doubts about their original decisions to commit. “Most of the ones I’ve spoken with have at least shown regret about signing it,” he said.

“Discussion about the role of philanthropy is inevitable and welcome,” Taryn Jensen, interim Giving Pledge lead, said in a note to . “In its early years, The Giving Pledge helped establish norms where there were few.” Jensen added that many of the Giving Pledge signatories have already fulfilled their commitments, while others are still actively working towards them.

“That brings more resources to the world’s greatest challenges,” she said. “Our goal is to continue building a culture where giving is the norm and to offer the support that helps turn commitment into action.”

Where philanthropy thrives

The PayPal cofounder has his own concept of philanthropy. He has run the Thiel Fellowship since 2011, a program that provides $200,000 for individuals to skip college and build innovative projects. Several program alumni have founded companies worth over $100 billion.

Nonetheless, philanthropy remains strong. The Giving Pledge notes that more than half of the Pledge community participated in Giving Pledge events or learning sessions last year.

Several major donors contribute to the country’s charitable giving. The country’s wealthiest gave away $22.4 billion in 2025, a 35% increase from 2024, but down from a recent peak of $38.9 billion in 2021, according to the nonprofit news organization the Chronicle of Philanthropy. Giving Pledge signatory Mackenzie Scott gave away $7.2 billion to more than 120 organizations last year alone. That’s more than what her ex – husband and billionaire Amazon founder Jeff Bezos has given away in his lifetime, based on a Forbes estimate. Warren Buffett has donated more than $60 billion in wealth as part of his commitment to give away most of his wealth.

Although the Oracle of Omaha admitted last year that his original giving plans were overly ambitious.

“Early on, I considered various grand philanthropic plans,” he said in a letter to shareholders last year. “Although I was persistent, these did not prove viable.”