Bill, Sue Gross to donate PIMCO fortune to charity

The founder of Newport Beach-based Pacific Investment Co. (PIMCO) and his wife have pledged to give their fortune to charity before they die, according to published reports.

Bill and Sue Gross, who have an estimated wealth of $2 billion, plan to donate the fortune to unspecified causes, Bloomberg reported Thursday. The couple live in Laguna Beach and are active in numerous Orange County charities.

Bill Gross, 69, said he was inspired by the late steel tycoon Andrew Carnegie, who, according to Bloomberg, "called it a disgrace for a wealthy person to die with money." He first made the announcement on MSNBC.

The Grosses were also urged by billionaire investor Carl Icahn to give away at least half of their money before death.

"Icahn and Gross, in a public exchange of Twitter posts over the last week, have prodded each other to devote more effort to helping people," according to Bloomberg. "Gross, who started the discussion on Oct. 24, said Icahn should stop pushing Apple Inc. for a stock buyback and instead spend more time on philanthropy like Bill Gates, the Microsoft Corp. co-founder, and his wife, Melinda."

The couple give quite a bit to hospitals and medical charities, donating widely to Hoag Hospital, Doctors Without Borders and Cedars-Sinai Medical Center in Los Angeles.

— Staff Reports

Twitter: @TheDailyPilot

Copyright © 2019, Daily Pilot
EDITION: California | U.S. & World