Yahoo Finance 'Stuff' does not bring happiness: Virgin founder Richard Branson’s tweet backfires
The founder of Virgin Group, Sir Richard Branson, is estimated to have a net worth of US$3.9 billion (AU$5.7 billion).
He also features on Forbes’ list of 2019 Billionaires (although he’s a fair way down from the top at 478th place).
He’s known for his eccentric behaviour, but also his attitude to his wealth: he’s actually not a big fan of splashing money around for its own sake.
“The idea of having a possession that is there just as pure luxury, and is not actually paying its bills, is something which I'd be embarrassed about,” he told The Guardian in 2012.
While he’s made some large purchases, like an island or a boat, they often turn out to be great financial investments, Business Insider reported.
He’s also known for his philanthropic nature: 80 per cent of his time is dedicated to Virgin Unite, the charitable arm of Virgin which establishes and backs projects from social entrepreneurs and grassroots organisations.
So when Branson tweeted that he “truly believe[s] that ‘stuff’ really does not bring happiness”, but that “family, friends, good health and the satisfaction that comes from making a positive difference are what really matters”, it wasn’t totally out of character.
I truly believe that ‘stuff’ really does not bring happiness. Family, friends, good health and the satisfaction that comes from making a positive difference are what really matters https://t.co/GFLwOyJLGt pic.twitter.com/r4LbQOcg8J
— Richard Branson (@richardbranson) July 29, 2019
But it didn’t resonate so well with some Twitter users, with the tweet slammed as “tone-deaf” and “patronising”.
“Lack of money and worry about how I am going to meet my child's needs is a constant part of my life. It affects my mental health and quality of life,” Sue Veneer tweeted.
“I'm appalled that someone so wealthy and who is so out of touch with the effects of poverty can be so patronising and trite.”
US media watchdog Media Matters for America’s editor-at-large Parker Molloy wanted to test how far Branson’s generosity would stretch, providing a screenshot of her Venmo QR code.
In that case, can I gave some cash? pic.twitter.com/mqNMn3vKi5
— Parker Molloy (@ParkerMolloy) July 30, 2019
Montreal-based writer Rob Rousseau didn’t mince words.
hey guess what asshole: no one who is struggling to pay the bills or wondering where their next meal is coming from gets to enjoy those things
— Rob Rousseau (@robrousseau) July 30, 2019
Others described it as ‘tone-deaf’.
Well then sell your private island and invest the proceeds into something that combats poverty, low educational attainment and lack of sufficient NHS resources then and keep your trite and extremely tone deaf platitudes to yourself. This type of tweet is beyond offensive
— chris simmons (@chrisglas79) July 30, 2019
Wonder if anyone will say anything more tone deaf than Richard Branson did this week.
— Nathaniel (@CancerNats) July 30, 2019
Others still expressed how they felt about the tweet through sarcasm.
Branson, to drowning person:
"I really don't believe that air is actually that important, y'know? What matters to me is, like, relationships..."— Ben ⧖ Stephens (@stephens_ben) July 30, 2019
While flying my private jet to my private island, I realized money can't buy happiness
— fin (@dgphinny) July 30, 2019
Some didn’t feel they needed any words at all, and let the pictures do the talking.
— Josh Feldberg Esq. 🦜 (@JoshFeldberg) July 30, 2019
What’s the story behind Branson’s Tweet?
The line in Branson’s Tweet is taken from his letter to The Giving Pledge, which is an invitation that asks the world’s wealthiest people and families to commit to more than half of their wealth to philanthropy or charity either in their lifetime or in their will.
It’s “an open invitation for billionaires, or those who would be if not for their giving, to publicly dedicate the majority of their wealth to philanthropy,” the Giving Pledge website said.
Bill and Melinda Gates have signed the pledge, along with tech mogul Elon Musk, Jeff Bezos’ ex-wife MacKenzie Bezos and Facebook founder Mark Zuckerberg, alongside his wife Priscilla Chan.
From beginning to end, this is how Branson’s pledge reads:
Our family has been very fortunate to be one of the closest families I know. My parents were together all their lives and my wife Joan and I have had a very long and happy relationship. Our children Holly and Sam get on as well as any brothers and sisters I have met and are wonderfully close.
Therefore in writing this note I am reflecting the thoughts and wishes of the whole family.
As a young man, I never set out to make money. We set out to create things that we could be proud of and to try to make a difference. From founding Student magazine to give young people in the 1960s a voice on issues such as the Vietnam War to creating Virgin Galactic to explore space, we have always tried to do things a little differently and challenge convention.
Because the public liked what Virgin created, our various companies, by and large, became successful. As they prospered, rather than taking money out for personal use, we reinvested to create new ventures and set up our non-profit foundation, Virgin Unite, to help create and build entrepreneurial solutions that make a positive difference in the world.
Today the Virgin Group is run by a wonderful team headed up by Peter Norris and Josh Bayliss. This has enabled me to spend 80% of my time working with Virgin Unite and many brilliant partners to create not-for-profit enterprises to help tackle some of the major issues facing the world today such as conflict resolution (The Elders), reduction of carbon (the Carbon War Room), as well as exploring entrepreneurial solutions to protect nature (Gaia Rocks).
We have started framing a new approach to business where people and planet are priorities through our work with The B Team and I’ve also been fortunate to team up with President Cardoso and Sylvia Earle to support the creation of their initiatives to end the “War on Drugs” (the Global Commission on Drugs Policy) and to protect the oceans (the Ocean Elders).
Holly and Sam have also realised that real satisfaction comes from using the fortunate position they find themselves in to try to make a real difference to other people’s lives. Sam is inspired by what Jeff Skoll has done with his wealth and has set up his own production company, Sundog Pictures, that aims to bring new audiences to important subjects, using the medium of film to inspire people to engage more in the world they live in. Holly has thrown herself in to supporting a wonderful charity called Free the Children, has set up her own charity Big Change Charitable Trust and devotes a lot of her time to Virgin Unite.
Fortunately, early on in my life I realised that personal ’stuff’ really didn’t matter. Joan and I lived on a houseboat and one day it sank. We realised that we missed nothing except our treasured photo albums. Later our house in London caught fire, destroying everything inside. Last year our home in the British Virgin Islands was completely gutted as a result of a lightning strike. We were so relieved that everyone got out safely that even the loss of photo albums and notebooks were of little consequence.
‘Stuff’ really is not what brings happiness. Family, friends, good health and the satisfaction that comes from making a positive difference are what really matters.
Happily our children, who will be our principal heirs, agree with me on this. As and when we take monies out of the Virgin Group of companies the majority of it will be invested in entrepreneurial approaches to help make a difference in the world. We want the value created by the Virgin Group to be used to invest in new collaborative approaches to addressing issues, where business, governments and not-for-profits join forces to create a healthy, equitable and peaceful world for future generations to enjoy.
We started by trying to give a voice to the young people of the 1960s and hope our “Giving pledge” will help many generations to come. We look forward to working with Bill Gates and Warren Buffett in expanding the number of people who are part of this pledge outside America. We are honoured to be joining this great group of leaders as part of a movement where all sectors are working together towards radical new approaches to solving issues that will help to truly change the world for the better.
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