SpaceX’s Record $75B IPO Just Spawned New Tech Millionaires—Melinda French Gates Has a Blunt Rule for Them

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By: Oliver Hawthorne
We’re about to see a flood of new tech millionaires and billionaires. SpaceX just set the largest IPO ever, raising $75B at a $1.77T valuation. OpenAI and Anthropic are right behind. Most of these new rich haven’t thought past their first luxury purchase.

Melinda French Gates has a straightforward piece of advice for this cohort. She told interviewers to commit to giving at least half their new wealth away, no matter the final sum. Gates co-founded the Giving Pledge in 2010, which now has over 250 signatories. That list includes Warren Buffett, Canva’s Melanie Perkins and Cliff Obrecht, and Airbnb’s Brian Chesky. She also names MacKenzie Scott and Walmart’s Alice Walton as admired philanthropists. Gates herself has a $19B net worth, per Bloomberg, ranking No.137 on their billionaires list. She recently pledged $215M to women’s health via her firm Pivotal. She also notes U.S. billionaires benefit from the country’s roads, education, and healthcare to build their fortunes.

She also warns against flashy displays of wealth, no matter how big your bank account gets. For this new crop of tech rich, this advice isn’t just charitable. It’s a way to avoid the hollow cycle of excess that leaves many newly wealthy people unfulfilled.

Author bio: Oliver Hawthorne, a Principal Correspondent at an international tech review, covering IPOs and tech sector philanthropic shifts.