New this weekend —

San Francisco is once again fighting over billionaires’ philanthropic power.

Here’s the story of how a $25 million donation to help students got ensnared in local politics. It’s a doozy.

vox.com/recode/2021/3/…
In December, San Francisco condemned the naming of a hospital after Mark Zuckerberg, who gave it $75 million.

Now, one San Francisco lawmaker has temporarily derailed a proposal that includes a $25 million donation to bring summer school to 20,000 kids.

vox.com/recode/2021/3/…
Mike Moritz, the Sequoia billionaire who donated $25 million and helped broker the summer school arrangement, told Recode that he was trying to help local schoolchildren “and nothing beyond that.”

vox.com/recode/2021/3/…
Supervisor @HillaryRonen is concerned that the group helping with San Francisco’s summer program, @WeAreTogetherSF, has a political agenda.

One thing that bothers her is that the group is NOT a 501c3 but a 501c4, or technically a lobbying/advocacy group.

vox.com/recode/2021/3/…
>@HillaryRonen:

“If their investments is free and clear, and don’t involve a political agenda — fantastic, that’s very generous and wonderful.”

“But if they involve an agenda, no thanks. We don’t want your investment. You have enough power as it is.”

vox.com/recode/2021/3/…
One thing that DOES raise eyebrows.

In January, @kate_selig reported that a new affiliated SF news outlet, @HereSayMedia, was unusually a 501c4 and wouldn’t disclose its donors.

Here/Say only disclosed that Crankstart was funding them the day before the SF schools announcement.
As @kate_selig reports in her great story, it is unusual for a news publication to be a 501c4, a designation used for political operations and lobbying.

Here/Say disclosed its donors on March 9. San Francisco announced the summer program on March 10.

missionlocal.org/2021/01/who-is…
I asked Michael Moritz if he thought the backlash in San Francisco to billionaire philanthropy would dissuade people from giving.

“We live in a bit of a political cauldron, and so you know it’s just part of life.”

“It certainly won’t deter us.”

vox.com/recode/2021/3/…
One thing that I think is getting lost in the discussion On Here is that neither Hillary Ronen nor the people involved with the summer program expect it to not happen.

Yes, this has temporarily derailed it. But it would be a surprise if the $25 million donation was rejected.

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More from @teddyschleifer

26 Mar
New —

75 Silicon Valley leaders have signed a letter pushing back on the Gavin Newsom recall effort.

The effort is spearheaded by @RonConway.

Signers include @LaurenePowell Jobs, @ReidHoffman, @markpinc, @EricSchmidt, @jgebbia, @ev, @mikeyk, @jeremys and @jeffiel.
"All California leaders should be 100% focused on COVID19 recovery efforts. I oppose the effort to recall the California Governor in 2021."

Left unsaid here is that these 75 people can put enormous amounts of money behind Newsom, who can raise unlimited amounts for the recall.
Read 4 tweets
23 Feb
NEWS —

The latest in the information wars.

A top Democratic strategist is quietly raising $65 million for a new progressive media play.

"Traditional media is failing. Disinformation is flourishing. It’s time for a new kind of media."

The first look —>

vox.com/recode/2229652…
The details:

Democratic strategist Tara McGowan is trying to raise $65 million to back media outlets. It's called the Project for Good Information.

$35 million to invest in media companies, including Courier News.

$25 million for grants to nonprofits.

vox.com/recode/2229652…
>@CourierNewsroom, a portfolio of eight different progressive news sites backed largely by @anotheracronym, is about to get bigger.

Courier will receive an investment from Good Information, Inc. — the for-profit arm of the Project for Good Information.

vox.com/recode/2229652…
Read 6 tweets
2 Feb
WOW, Jeff Bezos is stepping down as CEO of Amazon — will become executive chair.
pretty amazing this didn't leak at all?
In his letter to Amazon employees, Jeff Bezos says he will Pivot to Philanthropy.

I will "have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions."

Full letter here.
Read 6 tweets
2 Feb
I wrote about Elon Musk, Chamath and GameStop.

And about how a pair of tech billionaires somehow became the heroes of America's anti-billionaire moment.

vox.com/recode/2021/2/…
A little news in here:

Chamath Palihapitiya last week donated $100,000 to the group organizing the recall of Gavin Newsom.

It's one of the biggest checks to date to the Rescue California committee.

vox.com/recode/2021/2/…
The debate on Wall Street Bets about billionaires in society is fun.

vox.com/recode/2021/2/…
Read 5 tweets
23 Jan
The Lincoln Project is promising a campaign "aimed" at Microsoft's board of directors.

On Microsoft's board of directors is ... Reid Hoffman, one of the Lincoln Project's most prominent supporters.
We'll see what @SteveSchmidtSES has planned, but it's a reminder of how complicated things can be when you're a billionaire mega-donor.

Your corporate and political investments can conflict with one another.
New: Microsoft has taken the unusual step of now releasing a full transcript of president Brad Smith's leaked comments about why its PAC makes political donations.
Read 4 tweets
21 Jan
Here's some news:

Elon Musk says he is donating $100 million for "a prize for best carpton capture technology."

This would be his single biggest public philanthropic gift ever. Image
This $100 million from Elon Musk would instantly double his entire lifetime giving to philanthropy to date.

vox.com/recode/2222117…
Elon Musk is wrestling with his status as the world's wealthiest person — and a relatively meager track record as a major philanthropist.

He is going more and more public with his giving.

Our story from last week on the big questions now before him.

vox.com/recode/2222117…
Read 6 tweets

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