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Its feeling like the end of an era. On May 8, Bill Gates announced plans to sunset the Gates Foundation, the standard-bearing charitable organization he started with his now ex-wife Melinda French Gates 25 years ago. The foundation is set to give away more than $200 billion over the next 20 years, including virtually all of Gatess $112 billion fortune, before winding down in 2045. Gates revealed the plans shortly after longtime Foundation ally Warren Buffett announced hell be retiring from Berkshire Hathaway this year, leaving his own $160 billion fortune to a charitable trust, which his children are to disburse within a decade of his death. Now everythings about to change. The announcements from both Gates and Buffett mark a dramatic shift in the world of philanthropy. They point toward a near-future when the two most visible benevolent billionaires of the 21st century will have put their last-ever dollars toward humanitarian causes. Considering that 2025 is a volatile, transitional time for the billionaire class and humanitarian efforts in general, its unclear whether a new wave of ultrawealthy philanthropists will emerge to continue their work. The idea of billionaires giving back has been part of American lore since Andrew Carnegie and John D. Rockefeller started donating from their massive industrialist fortunes in the late 1800s. The Gates Foundation took it to a new level, however. With a cumulative $43 billion in assistance from Buffett since 2006, the foundation has spent $100 billion in 25 years to bring vaccination and other treatments to some of the worlds poorest areas, preventing the spread of infectious diseases like HIV and malaria. Beyond their own contributions, though, the foundations leaders hoped to spur a sense of moral obligation in their fellow billionaires. The Giving Pledge era In 2010, inspired by Carnegies essay, The Gospel of Wealth, Buffett, Gates, and French Gates introduced the Giving Pledge, whose signatories publicly promised to donate more than half their total wealth to charitable causes. It was more than just a way to shame some of the worlds richest people into stepping up their generosity; by getting 240 titans of tech and other industries to sign on, the founders helped promote and normalize the idea that giving away a huge fortune is more impressive than building one. By 2015, when signees Mark Zuckerberg and Priscilla Chan committed $45 billion to their own charity, philanthropy appeared to be in fashion. Not all of the worlds billionaires had signed on, though. Notable absences included Mark Cuban, Jeff Bezos, and Googles Sergey Brin and Larry Page. Of those who did sign the pledge, some seemed to take advantage of its lack of accountability. Elon Musk stayed quiet about his philanthropic activity after signing, before donating $5.7 billion to his own foundation in 2021. Other signees signaled that they were waiting to leave huge donations in their wills eventuallya move that is easy to back out of and ignores all near-term humanitarian needs. Of course, many of those who signed the pledge ultimately ended up lumped together with those who didnt. As wealth inequality became an increasingly hotter topic in the late-2010s, the concept of billionaire benevolence came under closer scrutiny. No trust in charitable trusts While some billionaires sincerely strive to help as many people as possible with their philanthropy, its no secret that others seem to merely use their philanthropy to help themselves. Some treat their foundations as tax shelters, either to avoid paying estate taxes on an inheritance or to claim deductions immediately and then slowly dole out funds over decades. Others use it as a mechanism to launder their reputations. The Sackler family, for instance, donates enormously from its vast pharmaceutical fortune, perhaps in the hope that more people will remember what they gave to museums, rather than their contributions to the opioid epidemic. As the decade ended with Donald Trump, still in his first term as president, becoming legally barred from operating a charitable organization in New York over his misuse of funds, many Americans could be forgiven for entering the 2020s with a more cynical view of billionaire philanthropy. Whatever shred of Giving Pledge goodwill still clings to the collective reputation of billionaires in 2025 is now hanging on by a thread. Trump has stocked his second administration with billionairesand put Musk, the worlds richest man, in charge of rooting out government waste. One of Musks first moves after Trumps inauguration was to dismantle the U.S. Agency for International Development, which provides humanitarian aid for millions around the globe. If ever there were a moment for benevolent billionaires to demonstrate a commitment to doing tangible good with their philanthropy, its right now. A Harris poll from last August indicates Americans would love to see it, too, with 68% agreeing that billionaires have an ethical responsibility to address humanitarian crises happening around the world. The path forward So, what will the next era of billionaire benevolence look like? As much as the Gates Foundation has performed life-saving, landmark work over the past quarter century, the organization has not been without its issus. Gates and Buffett reportedly disagreed on how the foundation should be managed toward the end, with Buffett warning about the dangers of arrogance, bureaucracy, and complacency in any large organization, while French Gates exited the foundation to pursue philanthropy in her own way in 2024, three years after her divorce from Gates. Since then, French Gates has joined MacKenzie Scott in charting a new path forward for philanthropy. Scott, who dissolved her marriage to Jeff Bezos in 2019, has given over $19 billion to nonprofit organizations in recent years. The red-tape-shedding speed of her donation spree has dramatically outpaced traditional foundations, underscoring the urgency of philanthropic work. Going the decentralized route has freed up Scott from all the business of keeping a foundation running in perpetuity, and French Gates has followed her example, donating funds through her investment company, Pivotal Ventures, rather than launching a new foundation. Although critics argue that this approach fails to provide long-term stability to the organizations the donor assists, it avoids getting bogged down in the board-approved details that can forestall or derail a donation. (By charting an end date for the foundation that bears his name, Gates himself now seems to acknowledge that actually applying funds is more important than keeping the coffers filled forever.) The new way forward for benevolent billionaires might also involve a no-strings-attached approach. While some foundations tend to get bogged down in micromanaging how their funds are disbursed, Scott has given the organizations she donates to free rein. According to her website, Yield Giving, Scotts donations have gone to more than 2,450 nonprofit teams to use as they see fit for the benefit of others. Critics contend this laissez-faire approach leaves nonprofits ill-equipped to handle Scotts donations, but a three-year study from the Center for Effective Philanthropy suggests otherwise. French Gates seems similarly engaged in trust-based philanthropy, reportedly asking some donation recipients to make their own decisions on how best to allocate her funding. As for which kinds of organizations they donate to, Scott and French Gates are unapologetically driven by and focused on their own values. In a moment when all causes related to gender and equality have been demonized, they remain steadfast in their commitment to advancing womens power at home and abroad. Similarly, Laurene Powell Jobs balances marquee philanthropy, like her recent $3.5 billion pledge toward climate action, with smaller values-based acts like giving grants to local leaders for community projects. Meanwhile, some organizations, including the Chan Zuckerberg Initiative, have scrubbed their charitable works of seemingly anything that could be categorized as DEI. The Giving Pledge movement wasn’t perfect, but it set a humanitarian benchmark and challenged the ultrawealthy to meet it. The culture of heavyweight charity it fostered created high expectations for billionaires, even if it failed to hold them to account upon not meeting them. A performative donation is still a donation, after all. There are now more billionaires than ever, with nearly four new ones minted per week in 2024. Perhaps some of them will go on to forge the next iteration of the Giving Pledge, kicking off a new era of high-profile philanthropy and inspiring more MacKenzie Scotts. Considering the state of things in 2025, it sure looks like were going to need it.
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E-Commerce
Over the past few weeks, Ive traveled across the U.S. and Europe, attending back-to-back leadership conferences. These werent your average networking events; they were filled with C-suite executives asking difficult questions in a particularly charged moment: Whats next for DEI? How do we adapt and innovate when it comes to AI? How do we steer employees in a politically divided country? On stage, speakers repeated polished points, but to me, the most important part of what these gatherings offered wasnt the panel talksit was the smaller, informal meetings taking place, the standing around high-tops, and the walks to the various meals. In these candid conversations, leaders spoke with a level of candor and vulnerability that there isnt always room for at the office. Some asked questions, others gave answers. What unified us all was a strong desire for connection, a resolve to make sense of the world together. Todays leaders are seeing the status quo rapidly dissolve and are looking for support and guidance. As often as not, theyre finding it in one another, not in town halls or board meetings. At one conference I attended, an impromptu group debate over what it means for a brand to have a literal voice in the age of AI prompted a CMO to leave that session committed to developing a sonic identity for their brandnot because of extensive market research, but because of a single peer-driven conversation. More and more frequently, I see firsthand the necessity for executives to have a trusted community to turn to for advice. No Longer Just a Nice-To-Have Todays leaders need more than strategy decks. As we face political uncertainty, technological advancements, and cultural shifts, in this landscape, no leader can afford to try to go it alone. Yet, unfortunately, many leaders are, in fact, just thatalone. Im no stranger to navigating executive circles, but even after years, walking into rooms with industry leaders can still be intimidating. No matter how confident you are, it still takes genuine vulnerability to approach someone, introduce yourself, and initiate a meaningful conversation. This discomfort isnt unusual: many executives Ive spoken to, regardless of their tenure, have expressed feeling awkward or isolated. A recent survey found that over 70% of CEOs experience work-related loneliness, and according to former U.S. Surgeon General Vivek Murthy, feeling lonely at work reduces task performance, limits creativity, and impairs other aspects of executive function such as reasoning and decision making. In a time where clarity and creativity are crucial, building connections is now more necessary than ever. But the reality is, building connections takes work, and it can often be uncomfortable. The benefits are worth it, however, and for lonely or struggling executives, theres cause to be hopeful. Ive personally seen how many leaders openly embrace community and look out for one another, and Ive also seen how quickly things can change for the positive when leaders get themselves into the right rooms. The ability to speak openly, share notes and experiences, and weigh pros and cons with peers before making decisions is a lifeline. The real value The true value of these communities is deeper than getting access to prestigious circles or hitting a flashy number of followers or connections on LinkedIn. Rather, they help leaders grow and thrive by providing: Space for vulnerability: Real conversations happen away from external pressures to perform. These communities invite leaders to be authentic, honest, and ask the hard questions. Shared experiences: A group that can relate to your experiences and open opportunities for growth. Whether youre looking for new marketing strategies or ways to optimize your product pipeline, it helps to speak with those who get it. Fresh perspective: Cross-industry conversations can spark new ideas and remove tunnel vision. A first-time fintech founder might have something to learn from a seasoned executive at a legacy brand, and vice versa. Strength in numbers: Community provides the collective courage to act together, especially during difficult moments. Youll also get the comfort of knowing others around you are also trying to figure things out, and are willing to help you on your journey. Even though the benefits of community are clear, it can be challenging to know how to find one for yourself. The types of trusting, deep relationships Im talking about arent fostered overnight or over Slack. It takes intentionality to grow your village. If youre wondering how to begin, Id start with the below. Six Ways to Build Peer-to-Peer Connection Be curious. Make a concerted effort to learn about others. Ask better questions, listen more deeply, and follow up in a way that shows you paid attention. Prioritize depth over breadth. Its not all about the numbers. Five deep contacts who truly care about you and your success are better than 100 surface-level connections who dont. Attend curated events. Not every conference is worth your time. Carefully select rooms where the guest list and topics align with your interests and where you have the most to contribute. Give first, give often. Generosity builds trust, so focus on what you can do for others, not the other way around. From advice to introductions, share whatevers in your tool kit. DIY. Its not always about receiving an invite. Sometimes, its better to send one. Whether its a monthly dinner, biweekly Zoom call, or simply a private group chat, consistency is key. Remember: you can always build your own table. Lean into vulnerability. You cant earn trust without taking a risk. Be open and honest, and others will follow. A Call to Lead Together Often, leaders only prioritize communities in times of crisis and have to scramble to find the support they need. But the most important relationships arent built overnight, and its even more difficult to forge them when the pressure is already mounting. Thats why the time to invest in community is now. Leaders should prioritize building connections just as intentionally as they do other aspects of their work. The future of business will be determined by those who connect and collaborate, and those who have built the trust required to make an emergency call at an odd hour. If youre a leader, ask yourself today: Do you have a circle you can turn to when the stakes are high? If not, start creating one now. Start with just one conversation, and keep the momentum from there. Trust is built over timedont waste any more of it.
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E-Commerce
Welcome to Pressing Questions, Fast Companys workplace advice column. Every week, deputy editor Kathleen Davis, host of The New Way We Work podcast, will answer the biggest and most pressing workplace questions.Q: How do I make a good first impression?A: Since this is a work-life advice column Ill focus mostly on how you can make a good impression at work, but many of these tips work for other situations in life. Be interested: Ask questions Its a simple truism of most conversations and human interactions: People like to feel like they’re interesting and important. If you know whom youll be meeting, you can go one step further and do a little research in advance. Job candidates who ask questions about the interviewers own time at the company show that they are interested in both the company and the person they hope to work with. The same goes for meeting potential clients, networking connections, etc.Regardless of if you have the chance to prep or not, you can listen to little conversational doors and jumping-off points to be curious and dig further. Most people casually give little details as they talk. Be a good listener and you can ask a follow-up question that shows you’re engaged. In a world where most people are distracted, overwhelmed, or self-absorbed, paying attention goes a long way. Be interesting: Say something memorable While you should be a good listener and ask questions, you wont make a good impression if you don’t say anything of interest. Sharing an interesting did you know fact related to what you are talking about goes a long way. Its a little harder to plan for this, and you certainly dont want to throw in a random non sequitur. But if you’re generally well-read and well-informed, hopefully a natural opportunity to mention something relevant will present itself. Be helpful People like others who help them. Fast Company contributor and psychologist Art Markman says starting your time with a new team by helping others reinforces a favorable first impression and also generates a sense of support from people you can rely on when you need help in the future. He calls this a service mindset and says its particularly valuable for people taking on management roles. A leader who finds ways to help their team achieve their goals can develop loyalty from the people who report to them, which pays significant dividends down the line, he explains. If youre not a manager, you can make a good impression at a new job by being proactive and developing your own plan for your first 90 days. It will help you to have goals laid out so you dont feel as lost and will make a great impression on your new boss and colleagues.Being helpful works in other areas to make a good first impression, too. If someone you are talking to mentions a problem they are having, following up with a recommendation will make a lasting impression.Want more advice on how to make a good impression? Here you go: Four easy ways to make a memorable first impression How to make a good first impression when starting a new job 3 ways to create a good first impression at your new job 2 surprising science-backed ways to make a great first impression (even virtually)
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E-Commerce
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