: What is effective altruism? 7 facts about FTX founder Sam Bankman-Fried’s favorite charitable giving strategy — and one big question

by | Dec 1, 2022 | Stock Market

The downfall of crypto exchange FTX and its founder, Sam Bankman-Fried, has thrown a spotlight on “effective altruism,” the philanthropic movement that Bankman-Fried championed as he amassed a fortune that peaked at an estimated $26.5 billion. That money appears to have evaporated along with FTX’s customer deposits, leaving the effective altruism movement reeling. It has simultaneously lost one of its biggest funders and suffered a reputational blow. Some observers have even suggested Bankman-Fried’s embrace of effective altruism was partly to blame for FTX’s implosion. (FTX, which is now led by new CEO John Ray III, didn’t immediately respond to a request for comment.)

So what is effective altruism? Here are seven key facts — and one big question.What ‘effective altruism’ is Some media coverage of the FTX collapse has defined effective altruism solely as “earning to give” — the belief, espoused by Bankman-Fried, that the best way to make a difference is to earn as much money as possible so you can donate it to charity. But that’s just one facet of the broader effective altruism movement.  Essentially, effective altruism is the idea that people should use their resources in a way that does the most good for humanity. Followers try to view their charitable giving and sometimes their career choices through an impartial, pragmatic lens and seek out …

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