Paul Tudor Jones
Leanne Miller | CNBC
Hedge fund manager and legendary trader Paul Tudor Jones has joined Bill Gates and Warren Buffett’s pledge to give more than half of his wealth away to charity.
Tudor Jones is among 19 philanthropists who have signed the Giving Pledge in the last year, a commitment created by Gates and Buffett to donate at least half of one’s fortune to philanthropic causes during their lifetime or after their death.
“We are joining the Giving Pledge because it deepens the joy of giving,” Tudor Jones and wife Sonia Tudor Jones said in a statement Tuesday. “We have been giving all of our lives, so taking the Pledge will change nothing in the logistics or amount of our charity.”
More than 200 philanthropists have joined the pledge since its inception in 2010, including Bill Ackman, Ray Dalio, Michael Bloomberg and Mark Zuckerberg. MacKenzie Bezos announced her commitment to the pledge on Tuesday. She has a net worth of $36.6 billion after her divorce from Amazon founder Jeff Bezos.
Tudor Jones, founder of Tudor Investment, is known for making bold calls on the markets. He famously predicted Black Monday of 1987, more than doubling his assets during the stock market crash due to his large short positions.
The billionaire hedge fund manager called December’s massive sell-off in stocks, saying the market could drop as much as 15% before rebounding. Indeed, the S&P 500 tanked nearly 20% from its October all-time high in December before its strong comeback in January.
Tudor Jones was estimated by Forbes to be worth more than $5 billion.
In a February interview, the legendary manager said that he’s “very bullish on U.S. stocks, ” seeing that American equities will outperform their global peers.
Tudor Jones is also a critic of corporate share buybacks, saying the “mania” is causing troubling social ills. He called for more responsible and ethical investing, adding that companies should ask whether employees are making a living wage and how much is being given back to charities before making buybacks.