Billionaire Coinbase CEO Brian Armstrong says most charities are 'net negative' -- and that he has no plans to make his own foundation | Fortune

Coinbase CEO Brian Armstrong said most charities are “net negative,” arguing that many philanthropic efforts get “captured” by ideology and can produce unintended harm. In an interview, the billionaire—worth nearly $10 billion—said he fears a personal foundation would similarly lose control and be steered in ways he can’t oversee. Armstrong cited a hypothetical criminal-justice reform nonprofit that, in his example, “increased crime.” He contrasted that idea with donor-advised funds (DAFs), which he uses to support causes he believes advance “civilization,” though he did not specify them. He called forming a foundation “crazy” for now. The debate includes differing billionaires’ approaches to giving, tax structures like DAFs and private foundations, and the limits of the Giving Pledge.