Warren Buffet calls him his hero.
He's known as the "James Bond" of philanthropy.
THREAD: The story of Chuck Feeney-The man who gave it all away...
$8. Billion. Dollars.
He's known as the "James Bond" of philanthropy.
THREAD: The story of Chuck Feeney-The man who gave it all away...
$8. Billion. Dollars.
Meet Charles Francis Feeney.
Born in 1931 during the height of the Great Depression, Feeney was the son of Irish-American parents.
Raised in Elizabeth, New Jersey, Charles (or "Chuck" as he's commonly known) was bitten with the entrepreneurial bug early on.
Born in 1931 during the height of the Great Depression, Feeney was the son of Irish-American parents.
Raised in Elizabeth, New Jersey, Charles (or "Chuck" as he's commonly known) was bitten with the entrepreneurial bug early on.
As a child, he earned extra money shoveling snow for neighbors & selling Christmas cards door to door.
After graduating high school in 1949 he would go on to enlist in the U.S. Air Force.
There, he worked for 4 years as a radio operator stationed in Japan during the Korean War.
After graduating high school in 1949 he would go on to enlist in the U.S. Air Force.
There, he worked for 4 years as a radio operator stationed in Japan during the Korean War.
Thanks to the G.I. Bill, Feeney would later study at Cornell University after completing his time in the service.
Chuck, the first in his family to attend college, entered the School of Hotel Administration.
It was there, his scrappy entrepreneurial spirit would be shown again.
Chuck, the first in his family to attend college, entered the School of Hotel Administration.
It was there, his scrappy entrepreneurial spirit would be shown again.
Noticing a man selling sandwiches, Feeney thought...
Why couldn't he sell sandwiches as well?
With that, he became known as "the sandwich man" and set about selling bologna sandwiches across the entire campus.
Why couldn't he sell sandwiches as well?
With that, he became known as "the sandwich man" and set about selling bologna sandwiches across the entire campus.
Upon graduation, Chuck headed off to France to continue his education.
It was there, he and former classmate Robert Miller would find the inspiration for their company.
One that would not only change their lives for the better but ultimately the world.
It was there, he and former classmate Robert Miller would find the inspiration for their company.
One that would not only change their lives for the better but ultimately the world.
With approximately 50 U.S. naval ships & 30K soldiers off the Mediterranian coast, Feeney & Miller had a ready-made customer base at their disposal.
But what should they sell?
That was easy... Liquor.
But what should they sell?
That was easy... Liquor.
High demand, low cost, and since they weren't technically staying in-country, soldiers were allowed to purchase it tax-free.
And so it was, in November of 1960, DFS or "Duty-Free" Shoppers Group was born.
The business was a hit.
And so it was, in November of 1960, DFS or "Duty-Free" Shoppers Group was born.
The business was a hit.
The two men soon realized what was good for soldiers was good for tourists as well.
This in mind, they expanded their product offering to include perfumes, cigarettes, & more.
By the mid-1960s they had branched out into airports, creating the duty-free shops we all know today.
This in mind, they expanded their product offering to include perfumes, cigarettes, & more.
By the mid-1960s they had branched out into airports, creating the duty-free shops we all know today.
By the end of the decade, profits were beginning to roll in.
DFS was making $10M per year. But that was just the beginning.
The world was changing, and the release of the Boeing 747, allowed for greater flight capacity, and in turn airport traffic, for many countries.
DFS was making $10M per year. But that was just the beginning.
The world was changing, and the release of the Boeing 747, allowed for greater flight capacity, and in turn airport traffic, for many countries.
The result?
As of the late 1970s, DFS was on its way straight to the moon.
Revenue had grown to $3B per year!
But Chuck Feeney wasn't your typical billionaire...
Never one to be concerned with the trappings of wealth, he had a plan.
As of the late 1970s, DFS was on its way straight to the moon.
Revenue had grown to $3B per year!
But Chuck Feeney wasn't your typical billionaire...
Never one to be concerned with the trappings of wealth, he had a plan.
He needed to figure out how to give it all away.
Yup. You read that right.
Chuck Feeney wanted to give away his entire fortune, and he wanted to do it anonymously.
Yup. You read that right.
Chuck Feeney wanted to give away his entire fortune, and he wanted to do it anonymously.
Inspired by Andrew Carnegie's famous essay "Wealth," he secretly transferred the majority of his stake in DFS into a charitable organization he'd created.
"The Atlantic Foundation."
TAF, would serve as the investment vehicle allowing Feeney to operate in complete anonymity.
"The Atlantic Foundation."
TAF, would serve as the investment vehicle allowing Feeney to operate in complete anonymity.
Over the next 15 years, he would do exactly that.
Donating millions upon millions of dollars globally to causes ranging from education to health initiatives, child welfare, and racial equality.
Donating millions upon millions of dollars globally to causes ranging from education to health initiatives, child welfare, and racial equality.
In 1996 Feeney would sell his remaining stake in DFS to LVHM (Louis Vuitton Moet Hennessy) for $1.6B.
Had it not been for a disagreement between he and his founding partner Miller regarding the sale, odds are, Feeney's philanthropy would remain anonymous to this day.
Had it not been for a disagreement between he and his founding partner Miller regarding the sale, odds are, Feeney's philanthropy would remain anonymous to this day.
So where are we now?
As of 2020, The Atlantic Foundation has closed its doors.
With its final grants being made in 2016, the closing numbers are staggering.
38 years of philanthropy.
Over $8 billion given.
Chuck Feeney's net worth today? ~$2M
As of 2020, The Atlantic Foundation has closed its doors.
With its final grants being made in 2016, the closing numbers are staggering.
38 years of philanthropy.
Over $8 billion given.
Chuck Feeney's net worth today? ~$2M
Feeney's legacy has become one of legend.
Cited by Warren Buffet and Bill Gates as the inspiration behind the "The Giving Pledge," his impact on our lives and the lives of those to come is quite possibly immeasurable.
Cited by Warren Buffet and Bill Gates as the inspiration behind the "The Giving Pledge," his impact on our lives and the lives of those to come is quite possibly immeasurable.
Special shoutout to @theSamParr and @ShaanVP for the inspiration to write this thread.
Feeney was mentioned on the latest episode of what has quickly become my favorite podcast - "My First Million."
You can check it out here:
open.spotify.com/episode/5177Lo…
Feeney was mentioned on the latest episode of what has quickly become my favorite podcast - "My First Million."
You can check it out here:
open.spotify.com/episode/5177Lo…
As for me...
If you found this thread helpful, please:
• Retweet the first tweet and help others find this thread
• Follow me at @blakeaburge
I write about mental models, productivity, and building a better you.
If you found this thread helpful, please:
• Retweet the first tweet and help others find this thread
• Follow me at @blakeaburge
I write about mental models, productivity, and building a better you.
https://twitter.com/blakeaburge/status/1402371228179091472?s=20
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