Mexican Billionaire Carlos Slim Won't Follow Mark Zuckerberg's Charitable Lead Kif Leswing - Fortune
go to original December 5, 2015

Former U.S. President Bill Clinton (back R) and Mexican tycoon Carlos Slim (back L) pose with Chakipi entrepreneurs in San Juan de Lurigancho in Lima. (Daily Sabah)

Mexican billionaire Carlos Slim is one of the few people with enough wealth to match or exceed Facebook CEO Mark Zuckerberg’s recent $45 billion donation to charity. But he’s not planning to give his fortune away just yet.

Telecom magnate Slim said that he will not give away his family’s shares in his vast business empire to charity, in response to a question whether he planned to follow Zuckerberg’s lead in donating nearly 99% of his wealth to the Zuckerberg Chan Initiative.

“Foundations do not solve poverty,” Slim said at an event in Mexico City, according to The Guardian. “Employment requires that companies invest, so we don’t need to give away companies, we need to create companies.”

It’s not the first time that Slim has been publicly skeptical of a fellow billionaire’s plans to give his money away. Carlos Slim has not agreed to the Giving Pledge, an organization and agreement spearheaded by Bill Gates and Warren Buffet which encourages billionaires to donate half of their fortunes to charity.

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