'Philanthropic Cakeism' Is Changing How the Wealthy Give

Tuesday, December 17, 2024

Philanthropic activity is rarely entirely selfless. Increasingly, however, it is becoming dominated by ulterior motives.

Posted by Corky at 02:33 PM | 5 COMMENTS | permalink | Comment on This Entry |

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"In its philanthropic form, cakeism involves giving money away while receiving something of significant value in return." Musk is a master of cakeism. www.axios.com/2024/12/16/p ...

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-- L.R. Curtis (@rumors-from-me.bsky.social) December 16, 2024 at 1:44 PM

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"Over the weekend, ABC News, a subsidiary of Disney, agreed to donate $15 million to a registered charity associated with Donald Trump's presidential "foundation and museum."

In return, the corporation not only curries favor with the president-elect, but also will see him drop his defamation lawsuit against them

The settlement includes a specific provision ensuring that the monies will be held in escrow until the IRS has officially recognized the museum as a 501(c)(3) charity.

Zoom in: Elon Musk, a sophisticated navigator of the nonprofit landscape, transferred more than 5 million Tesla shares to his personal foundation in 2021, thereby reducing a tax bill he had estimated at more than $11 billion."