As Billie Eilish criticizes billionaires who don't engage in philanthropy, one CEO asserts that dictating how individuals spend their fortunes is "invasive" and advises them to "mind their own business."

Shareholders gave their OK to an agreement that might elevate the Tesla CEO the world’s first trillionaire, prompting the Grammy-winning artist blasted Musk in a social media post to propose he channel his resources into charitable endeavors—like allocating $40 billion each year to fight global starvation, $10 billion annually for infant vaccinations, and 53.2 billion for reconstruction in Gaza.

Musk, worth about $482 billion, later clapped back at Eilish on X, saying, “She’s not the sharpest tool in the shed.” 

This isn't the initial instance of the Gen Z pop sensation criticizing the affluent for insufficient wealth distribution. In October, when the 23-year-old performer was recognized at the WSJ Magazine Innovator Awards for her impact on the music sector, she posed a question to the attendees, including the billionaire Mark Zuckerberg, regarding the justification for the extremely wealthy's existence.

“If you’re a billionaire, why are you a billionaire? No hate, but yeah, give your money away, shorties,” Eilish said, later it was revealed she’d be donating $11.5 million from her Hit Me Hard and Soft tour to the Changemaker Project, a charitable initiative that addresses climate change and food insecurity.

However, one executive contends that the financial decisions of billionaires are a private matter.  

“I think those are personal things, and people ought to make personal decisions,” William Stone, CEO of SS&C Technologies told Coins2Day. “I understand the sentiment, but I think sometimes the sentiment is invasive.”

Do the extremely wealthy have a duty to donate? A very wealthy individual suggests 'not necessarily' 

Stone, possessing a $3.8 billion net worth, has purportedly contributed approximately $52 million from his personal finances to his native city of Evansville, encompassing a center for health sciences, an institution for mental health research, and a new baseball arena for his alma mater high school. 

However, he firmly believes that donating is an individual decision, and one that might not always garner public attention. Affluent benefactors are more frequently opting to contribute their charitable donations anonymously.

“I think we make a mistake not allowing people to be personal and to do things anonymously,” Stone added. 

Despite distributing millions from his personal fortune, the 70-year-old stated that charitable giving shouldn't be considered a requirement for those who achieve wealth.

“I would say that I would support it much more than I would reject it, but again those are personal things, having other people tell you people what they should do with what I’m sure they view and what I view as my hard-earned money, I mostly say: butt out .”

Stone feels that contributions ought to be assistance—not charity

Stone departed KPMG in 1986 when he was 30 years old to establish his financial services firm, SS&C Technologies, from His Connecticut home's basement. Approximately forty years onward, SS&C has expanded to employ around 27,000 individuals, catering to roughly 23,000 customers in over 35 nations. 

Having achieved success, he's now extending that fortune to others. However, Stone indicated he prefers to view his contributions as assistance rather than charity. 

For instance, he has spearheaded initiatives to address the Rust Belt's “brain drain” and contributed to numerous regional institutions to foster their educational offerings and support the locale's financial growth.

“I like to think that I don’t give handouts,” Stone said. “I give people a handup  and try to help them help themselves, and try to do it in a way that gives them self-esteem.” 

Additional wealthy individuals have shown a desire to donate their fortunes by endorsing the Giving Pledge established by Bill Gates, Melinda French Gates, and Warren Buffett. 

Musk, Bezos’s ex-wife MacKenzie Scott, Michael Bloomberg, George Lucas, and Zuckerberg have all pledged to give away at least half their fortunes in their lifetimes or wills—yet so far, only John and Laura Arnold have actually followed through. 

But Musk, whose Musk Foundation was established in 2002, said  on an episode of the WTF podcast just last month that while he agrees with the “love of humanity” in philanthropy, it’s actually “very difficult to give away money well.” 

“The biggest challenge I find with my foundation is trying to give money away in a way that is truly beneficial to people.”