Billionaire Bernie Marcus to donate majority of fortune, support Trump for re-election
Home Depot co-founders Bernie Marcus and Ken Langone on the challenges they faced getting the retailer off the ground to become the success it is today and the potential pitfalls of socialism.
Billionaire Bernie Marcus has already given more than $2 billion to upwards of 300 organizations, and he said he plans to donate the majority of his fortune while he’s still alive and support President Trump for re-election in the 2020 presidential election.
The Home Depot co-founder told the Atlanta Journal-Constitution over the weekend that he will continue to look for worthy causes to donate to in the years to come. Marcus, 90, added that 80 to 90 percent of his wealth will go to the Marcus Foundation when he dies to fund other organizations such as medical discoveries, helping children with autism and veteran support.
“I want to live to be 100 because I want to be in a position to give it away to those things that I really believe in,” Marcus told the newspaper. “I’ve got all the houses I need. I live very well. My kids are taken care of. Everything I live for now is finding the right things to put my money into and that can give me a rate of return in emotion and doing good things for this world.”
Marcus has an estimated net worth of $5.8 billion, according to Forbes. The billionaire has donated more than $2 billion to philanthropic causes, including $250 million to build the Georgia Aquarium. The businessman could donate up to $6 billion in his lifetime.
When asked about his net worth, Marcus said he doesn’t “have a clue.”
“You know when I find out what I’m worth? Once a year, I go through it with my accountants. I don’t have a clue. My key is how much can I give away this year?” he told the Atlanta Journal-Constitution.
Marcus was also a top donor to President Trump’s 2016 presidential campaign — and he plans to support the president during his 2020 re-election bid, the Atlanta Journal-Constitution reported.
“[Trump’s] got a businessman’s common sense approach to most things,” Marcus said. “…Now, do I agree with every move that he makes? No, I don’t. But the truth is he has produced more than anybody else. He has. If we look at this country, I would say that we are better off today than we were eight years ago or six years ago.”
Marcus said Trump’s biggest flaw is his communication skills.
“I’ll tell you what he has not done well: His communication sucks. I mean he takes on every battle. He’s fighting. He does things he shouldn’t be doing,” he said. “As president of the United States, I’d rather him do things that are meaningful.”
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Marcus said how much more he will donate to philanthropy depends on Home Depot’s success. Marcus still holds a large number of Home Depot shares.
“Home Depot is doing well because they understand the philosophy of reinventing themselves,” Marcus said. “At one point, we had real concern that Amazon was going to put everybody out of business. I don’t feel that is true today…They are not going to run away with our business.”