Fomer Google CEO Eric Schmidt donating $1B to philanthropic causes

Former Google CEO Eric Schmidt and his wife Wendy are committing $1 billion to new and existing philanthropic initiatives, the couple announced on Wednesday.

Part of the donation will be used to create Rise — a partnership with the Rhodes Trust — which aims to identify and connect young people who are interested in public service with opportunities and networks. Other funds will be used to support some of their existing efforts.

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"My life's work has been to build tools that empower people at scale," Schmidt said in a statement. "This $1 billion for talent serving others, including the work of Schmidt Futures and our flagship program Rise, is part of our ongoing commitment to help lift people up who can change the world at scale in their lifetimes."

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The Schmidts have created numerous philanthropic organizations over the years, including The Schmidt Family Foundation to address climate change. They are also involved with the 11th Hour Project, which is focused on protecting human rights and building food and energy systems. Schmidt Marine Technology Partners focuses on ocean health.

Schmidt’s net worth is more than $15 billion, according to Forbes.

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He served as Google CEO from 2001 through 2011, and served on the board of Google’s parent company, Alphabet, until June. He is on the Department of Defense’s innovation board.

Wendy Schmidt serves as the president of The Schmidt Family Foundation.

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