The Microsoft Millionaires Come of Age

iseff writes "The NYTimes is running a story about the ways in which Microsoft millionaires are putting their money to use. According to the story, there is somewhere around 10,000 Microsoft made millionaires spending money on various pet projects. For example, former programmer Chris Peters bought the PBA (Professional Bowlers Association), while Stephanie DeVaan founded a political action committee and Rich Tong founded Ignition Partners, a VC firm."

Re:it's funny

[nomadic]

how nobody spends their money in ways that could help others. Microsoft alone could solve the world's hunger problems. They could cure all the curable diseases. They could save the 33,000 kids that are dying every day because they're hungry.

Okay, okay, we all know MS doesn't give a flying piece of bird crap about people, no matter who they are. But still, it's really sick to see some of the things on which they spend their money...

Bill Gates has personally spent more on charity than everyone who reads slashdot combined. He spent $28 billion endowing his foundation, and they do a lot of good work in, for example, third world health issues.

Whatever Bill Gates' flaws, and he has a lot, he has been very generous with his money.

Bob Wallace (1949 - 2002)

[xee]

"Bob Wallace [erowid.org] was a software pioneer, the ninth employee at Microsoft, the worlds top amateur neuroscientist, and a visionary philanthropist who laid the financial foundations of The Heffter Research Institute [heffter.org]. He was also one of the most patient and caring people one would ever meet. When he died of pneumonia at an untimely 53, we lost a great and good friend."
-Heffter [heffter.org]

Bob Wallace was indeed an incredible character. I was lucky enough to meet him in a USENET group focused on recreational chemicals. He replied to one of my first posts, and I immediately realized there were some amazing people lurking in the USENET. Indeed some great things have come from the micro$oft billion$. Rest in peace, my friend.

NY Times Obit [erowid.org], A.D.P [google.com]

What, no Paul Allen?

[Animats]

They didn't mention Paul Allen, who has managed to botch being a billionare.

Bill Gates has a hobby business on the side, by the way. It consists of buying up the rights to all the best pictures in the world. [corbis.com]

Re:it's funny

[NDPTAL85]

You are actually a moron. Microsoft does not have enough money to do any one of the things you stated individually let alone all together. First of all there is already enough food on this planet. Its a matter of distribution. Devising cures for diseases requires hundreds of billions of dollars, something MS doesn't have.

Lets just admit that we're not all that good at economics and thats why we're not all rich. ;-)

Re:$60 Million House - Trickle UP Economy...

[CharlieHedlin]

Of course that is for the house, land and everything. Gates house was 53 million by itself.

The fact that Michael Dell is using an Ag exemption on his house is just wrong, but I know many people who do it, and it isn't just in Texas.

Re:How many millionaires in the making still at M$

[Anonymous Coward]

Actually, Microsoft has a culture of pushing talented folks out the door and putting the bureaucrats in power. I guess it's a natural evolution for the company, but I have to say that in the seven years that I was with the company, it went from being very entreprenurial to being a place that I no longer felt was worth investing in as either an employee or shareholder. In the three years since I left the company, the stock price has stayed flat and innovation has come to a standstill. While there are still people who remain with the company that I have a great deal of respect for, that number is dwindling quickly. Many in high-level management add little to no value to the company, what us old assembly programmers would refer to as a NOPs.

For what it's worth, I've used my time and money to start up a new company. I don't want to sit around all day long and do nothing. While I really enjoyed working for Microsoft, I have to realize that that chapter in my life is closed and that there are so many other cool things that can be done.

Re:$60 Million House - Trickle UP Economy...

[drsmithy]

So I laugh whenever some conservative goes off about how America's wealthy are like Atlas, bearing a world of tax burdens on their weary (but capable and compassionate!) shoulders. Let's give them all a hand, and tax cuts!

While I can't say I'm a supporter of constant tax cuts to the rich (although I will argue as to what classifies as "rich" - here in Australia, for example, "rich" is apparently someone earning more than AU$100k per year, or only about 3x the average wage) typically the top 10% of income earners pay something like 2/3 of income tax revenue (and of that, the top ~2% pay about 1/3). This is pretty consistent across the entire developed world.

Re:$60 Million House - Trickle UP Economy...

[Everything Else Was]

From the source:
Total grant commitments since inception: $7,486,247,357 http://www.gatesfoundation.org/MediaCenter/FactShe et/ [gatesfoundation.org]

This is interesting too... http://www.gmsp.org/(srgqkk3je5wh0m55cf5oth24)/faq _detail.aspx?FaqID=87 [gmsp.org]

Re:$60 Million House - Trickle UP Economy...

[antic]

Slightly related to your post:
http://www.actionaid.org.uk/1674/press_release.htm l [actionaid.org.uk]

Talks about "real" aid figures, and what percentage of quoted aid is actual aid and not debt relief or administration, etc.

10% of US aid is real. UK 71%, Luxembourg 81%.

"In Cambodia, they found that the cost of 740 international advisors was $50-70 million, almost as much as the wage bill for the country's entire civil service of 160,000 people."

Very subjective, but interesting to consider.