Andrew Yang pledged part of his fortune to 'safeguard American democracy.' But its not that much compared to his net worth. See how much he pledged here:
Advocacy group One for Democracy sent around a press release earlier this week announcing that Andrew Yang was pledging to donate 1% of his net worth to “safeguard American democracy” every year for the next four years.
A bold gesture from the political candidate, who is known for his attention grabbing presidential and New York City mayoral bids? Not really. Based on, when Yang was trying to win the Democratic nomination for president, Yang was worth a mere $1 million, despite being dubbed “Silicon Valley’s candidate.
He could be richer now, but even if his fortune doubled—perhaps he cashed in big after his failed runs—Yang’s donation would still only total $80,000 over four years. If he quintupled it, that would be $160,000. But in the case his net worth is about the same as before, Yang has committed approximately $40,000 to the organization.
Yang’s check won’t exactly move the needle financially for the group–which asks individuals and foundations to contribute at least 1% of their net worth “to protect and strengthen American democracy”—but that doesn’t seem to matter.
Yang’s first venture, a startup aimed at helping philanthropic celebrities raise funds for nonprofits, failed “spectacularly” . Yang grew his next stop, Manhattan Prep, a modest test prep business started by a friend, into an $11 million business and sold to industry giant Kaplan for a sum in the “low tens of millions” in 2009.
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