Inside Former Google CEO Eric Schmidt's $1 Billion Philanthropic Mess

Abstraction: Schmidt Futures restructuring sunsets programs after CEO departure scandal

Key points:

• Schmidt Futures is sunsetting or spinning out more than a dozen programs, including the White House Quad Fellowship and the Rhodes Trust "Rise" global talent program
• Founding CEO Eric Braverman departed in August 2023 after an internal investigation by Schmidt's family office (Hillspire LLC); roughly half a dozen employees resigned in protest
• The organization has ~$400M annual budget and previously had close White House ties that drew conflict-of-interest scrutiny (Politico, 2022): Schmidt Futures indirectly funded two OSTP advisors
• Eric Schmidt committed $100M to a separate tech accelerator (Steel Perlot) run by a woman he was dating, raising optics concerns among Schmidt Futures staff
• A Forbes five-year review found Schmidt Futures had launched 100+ programs and is now consolidating; Schmidt had promised to double the budget just months before Braverman's exit

Connections: Eric Schmidt · Schmidt Futures · Google · Tech Philanthropy · Tech Policy

Source: https://www.forbes.com/sites/sarahemerson/2023/11/09/former-google-ceo-eric-schmidt-futures-philanthropic-mess/