Coinbase CEO Brian Armstrong has amassed a fortune worth several billion dollars, but he recently described charity and philanthropy as a “net negative” for the world, and Elon Musk agrees with him.
In a recent interview, Armstrong explained why he has no intention of creating a charitable foundation, arguing that philanthropies and charities are “actually a net negative” for the world. As the video of the interview began to circulate on the Internet, the world’s richest man weighed in.
Billionaire Brian Armstrong
Brian Armstrong co-founded Coinbase and has been the company’s CEO since June 2012. He went on to become a billionaire and currently ranks No. 422 on Forbes’ 2026 Billionaires list. His fortune has expanded significantly in recent years, especially following Coinbase’s 2021 Nasdaq debut, making Armstrong one of the most influential figures in the cryptocurrency industry.
In 2018, Armstrong signed Warren Buffett and Bill Gates’ Giving Pledge, a public commitment from some of the world’s wealthiest people to donate at least half of their wealth to charitable causes either during their lifetimes or through their wills. At the time, he became the first crypto billionaire to sign the pledge, arguing that once a person’s wealth reaches a certain level, there is limited value in using it for personal consumption.
By 2023, however, Armstrong had shut down his nonprofit, GiveCrypto, and he quietly withdrew from the Giving Pledge in 2024. His more recent remarks shed some light on why he made those decisions.
‘Actually a net negative on the world’
During a recent appearance on The Katie Miller Podcast, Armstrong explained that he believes charity and philanthropy can actually be a “net negative” on the world.
“The common view is that philanthropy is a noble cause. And like, Bill Gates after the DOJ thing is like, ‘I’m going to go rehabilitate my image, I’m going to do philanthropy,'” Armstrong said during the interview.
Armstrong takes a different view, arguing that charitable foundations and organizations can become “captured by ideology.”
“I guess I have sort of a contrarian view where a lot of charities and philanthropies are actually net negative on the world. And they get captured. It’s actually remarkably hard to find a foundation that has not gotten captured by ideology,” Armstrong said. “I think a lot of people, by trying to do something good, like criminal justice reform, it turns out they just increased crime. All these unintended consequences happen.”
Because of these concerns, Armstrong said he has no plans to establish his own charity or foundation.
“So far, I’ve just been like ‘I’m not going to do that.’ My fear is that it just gets captured by some ideology and I lose control over it,” he said. “If you look at the Ford Foundation, I think Henry Ford would be turning over in his grave if he knew what they were up to.”
Instead, Armstrong said he uses a donor-advised fund and attempts to direct his money toward causes he believes are “helping civilization advance.”
Elon Musk Agrees
As the video of Armstrong’s interview on the podcast began to circulate on social media, Musk decided to weigh in, agreeing with Armstrong’s point of view.
“He’s right,” Musk wrote in a post on X.
This seems to align with some previous comments that Musk has made about his charity efforts.
While Musk, who is the wealthiest person on the planet by a considerable margin, signed the Giving Pledge back in 2012, his actual giving has been minimal compared to his massive net worth – though he did donate $5.7 billion in Tesla shares to his foundation, the most substantial contribution he’s made.
Back in 2025, billionaire investor Peter Thiel recalled urging Musk to opt out of the Giving Pledge, warning that his wealth would go “to left-wing nonprofits that will be chosen by Bill Gates.”
According to Thiel, Musk seemingly agreed.
“What am I supposed to do—give it to my children?” Musk responded, as Thiel recounted. “You know, it would be much worse to give it to Bill Gates.”
Based on Musk’s recent stance agreeing with Armstrong, it’s pretty clear where he stands on the issue.
About Kevin Harrish