Unraveling Eric Schmidt's Billion-Dollar Philanthropic Quagmire
Originally Published 2 years ago — by Forbes
Schmidt Futures, the philanthropic organization founded by former Google CEO Eric Schmidt and his wife Wendy Schmidt, is facing upheaval as it spins out and sunsets several programs, including partnerships with the White House and Oxford University's Rhodes Trust. The foundation's decision to end its backing of the "Crisis Response Initiative" before its launch has caused embarrassment and confusion. The changes have also resulted in layoffs. Schmidt Futures is currently undergoing a five-year review of its operations and impact, with plans to announce new initiatives in 2024. The foundation, which has poured its annual budget of around $400 million into various areas, is funded through the Schmidts' nonprofit arms and has launched over 100 programs since its inception in 2017.