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May 12, 2015

Billionaire's Giveaway Is at $700 Million and Counting

West Coast fund manager Bill Gross, who pledged in 2013 that he and his wife, Sue, would give away their entire $2 billion fortune, tells Bloomberg they have donated as much as $700 million so far.

The interview, conducted late last month, marks the first time the "bond king" who formerly headed Pacific Investment Management Company has revealed the extent of the couple's giving. "Sue and I try and keep it quiet," Mr. Gross said. "We're not the type to attend functions and parties and galas. We like to work underneath, so to speak."

The Laguna Beach, Calif., couple give largely through their family foundation, which focuses on health care, medical research, and education. They also quietly make donations straight to needy American families, and Mr. Gross said he has taken an interest in GiveDirectly, the charity that promotes small cash contributions to extremely poor Africans via mobile phones.

Read a Chronicle of Philanthropy article on Bill and Sue Gross's often unorthodox giving.