WASHINGTON, D.C. — Mike Saylor, chief executive officer of MicroStrategy, will unveil a foundation next month, joining the ranks of new tech billionaires who are revamping the world of philanthropy, the Washington Business Journal reports.
Foundations started by tech executives — like America Online’s Steve Case and Microsoft’s Bill Gates – tend to be more innovative and aggressive than traditional philanthropies, and expect quick results, the business weekly says.
“Venture philanthropists” — like venture capitalists — apply a hands-on, risk-taking approach to achieve quick results, and tend to avoid traditional philanthropy such as support for the arts and museums.
Saylor, who is withholding details about the foundation’s size and scope, says he will focus on providing disadvantaged youth with a free college-level education online.
Executives of MicroStrategy, one of the biggest tech firms in the Washington, D.C., area, promise Saylor’s endowment will be “substantial, even for the size of Saylor’s fortune.”
Saylor’s net worth can fluctuate by a few billion dollars a day, depending on the value of MicroStrategy’s stock.
In the first week of March, for example, he was worth $8 billion, and the next week his wealth reached $10.5 billion.
To contribute to his foundation, Saylor plans to sell a portion of his stock holdings in a second offering that could net as much as $300 million.
“I welcome this opportunity to give back to a society that has been incredibly generous to me,” Saylor said.