Peter Thiel is actively convincing billionaires to abandon The Giving Pledge — and it’s working

Peter Thiel isn’t just skeptical of The Giving Pledge — he’s been actively working to dismantle it from within, telling signatories to walk away from their commitments and calling the organization an “Epstein-adjacent, fake Boomer club.”

In an interview with The New York Times, Thiel claimed The Giving Pledge, or the philanthropic campaign to get the world’s wealthiest to commit to giving away 50% or more of their wealth, has fallen out of style. “They got an incredible number of people to sign up those first four or five years, and it somehow has really run out of energy,” he said. “I don’t know if the branding is outright negative, but it feels way less important for people to join.”

The U.S. wealth divide has progressed to new extremes, with the top 10% of households holding more than two-thirds of the nation’s wealth, according to Federal Reserve data. The majority of the country’s wealth remains in the hands of older generations. And the wealth accumulation has hollowed out the middle class over the last few decades. Philanthropy has long acted as a de facto realization of trickle-down economic theory. A shift away from that philanthropic framework—and one of the most organized efforts in modern history to transfer wealth out of the pockets of the country’s richest—could signal that the money spigot is tightening.

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, including those who have given away the biggest sums of their fortunes, such as Mackenzie Scott and the late Microsoft co-founder Paul Allen.

While receiving more than 250 signatures from the world’s wealthiest global philanthropists, the number of wealthy signing on has dwindled in recent years. Just four pledged in 2024, and 14 signed on in 2025, according to a list of signatories compiled by The Giving Pledge. That comes even as more of the world’s wealthiest reach billionaire status each month, with Forbes’ latest estimate calculating there are more than 3,400 billionaires globally.

Thiel’s pitch to abandon The Giving Pledge

Thiel said he’s nudged a few to erase their signatures. “I’ve strongly discouraged people from signing it, and then I have gently encouraged them to unsign it,” Thiel said. Notably, in transcripts and audio lectures given by Thiel to Reuters last year, he recalled calling on the world’s richest man and soon-to-be first ever minted trillionaire Elon Musk to retract his pledge, warning the Tesla founder his wealth would go to “left-wing nonprofits that will be chosen by Bill Gates.”

Thiel said he’s had conversations with some signatories who have expressed uncertainty about their original decisions to commit. “Most of the ones I’ve talked to have at least expressed 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 Fortune. “In its early years, the Giving Pledge helped build norms where few existed.” Jensen added that many of the Giving Pledge signatories have already met their commitments, with others still actively working toward them.

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

Where philanthropy prevails

The PayPal cofounder has his own ideas of philanthropy. He’s run the Thiel Fellowship since 2011, a program that gives $200,000 to skip college to build innovative projects. Several program alumni have created companies worth over $100 billion.

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

Several major players fuel the country’s charitable giving. The country’s wealthiest gave away $22.4 billion in 2025, up 35% from 2024, yet down from a recent peak of $38.9 billion in 2021, according to 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, according to 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.

Though the Oracle of Omaha admitted last year his original giving plans were too ambitious, calling into question the feasibility of The Giving Pledge.

“Early on, I contemplated various grand philanthropic plans,” he said in a letter to shareholders last year. “Though I was stubborn, these did not prove feasible.”

This story was originally featured on Fortune.com