One of Charlotte’s richest couples pledged to give away most of their money. Why?
Red Ventures billionaire co-founder and CEO Ric Elias and his wife, Brenda, are the first in Charlotte to join a pledge committing to give away the majority of their wealth to philanthropic causes.
The couple signed The Giving Pledge, a commitment by the world’s wealthiest individuals and couples to give the majority of their wealth to philanthropic endeavors. The Giving Pledge made the announcement Tuesday that 14 more billionaires had signed on to donate half their wealth.
“We hope to be able in our lifetimes and beyond to have some impact on those who have been less fortunate than us... Our goal is simple; lead with giving,” the Eliases wrote in their giving pledge letter released Tuesday.
Since The Giving Pledge was started 11 years ago by Bill and Melinda French Gates and Warren Buffet, the total number of people on the list is 231 from 28 countries, according to the website. The Eliases join other such high-profile names as Elon Musk, Michael Bloomberg, Ted Turner and Mark Zuckerberg.
The Eliases are the second North Carolina couple to sign the pledge, according to The Giving Pledge. John and Ginger Sall of Cary signed in 2012. John Sall is co-founder of the SAS Institute, one of the world’s largest statistical software firms. Forbes lists Sall’s net worth at $4.3 billion.
This year, two Charlotte organizations were the beneficiaries by another person who had signed the pledge, billionaire MacKenzie Scott.
The ex-wife of Amazon CEO Jeff Bezos gave more than $4.1 billion to 384 organizations struggling during the coronavirus pandemic. The YMCA of Greater Charlotte received $18 million and Goodwill Industries of the Southern Piedmont received $10 million.
A native of Puerto Rico and a “Miracle on the Hudson” survivor, Ric Elias has been recognized with a humanitarian award for his service in the Charlotte-Mecklenbug community for Golden Door Scholars, the Observer previously reported.
He founded the nonprofit in 2012 to provide educational and career opportunities for high-performing undocumented students who aren’t eligible for most college financial aid programs and are required to pay out-of-state tuition.
Who are Ric and Brenda Elias?
Ric Elias graduated from Boston College and Harvard Business School. In 2000, he co-founded Internet marketing and technology company Red Ventures in Fort Mill, S.C. Red Ventures has 3,500 employees worldwide, including about 1,400 in the Charlotte area.
Among its latest acquisitions, Red Venture last year purchased CNET Media Group that includes TV Guide for $500 million. In August, a New York Times article put a conservative valuation on the company at more than $11 billion, and Elias’ share at 20% making his net worth over $2 billion.
Along with Golden Door Scholars, Elias founded the nonprofit Road to Hire, a nonprofit providing paid technical training and college access. Three years ago, he founded social enterprise Forward787, a $100 million commitment to building digital businesses based in Puerto Rico.
In 2019, he founded Rebuild Puerto Rico to raise $10 million in hurricane relief for Puerto Rico, and pledged to personally match up to $5 million.
Brenda Elias is active in the Charlotte community helping local youth in the foster care system and public education.
Last month, the Eliases gave $5 million to Johnson C. Smith University to advance racial equity.
“JCSU is an important part of the history and future of Charlotte. As a community, we should stand side-by-side and ensure the future is bright for young people who are investing in themselves,” Elias said. “By consistently and collectively supporting the next generation, we can end systemic injustice and lead a movement that inspires others to do the same.”
Along with their focus on education, training and upward job mobility, the Eliases would like to become more involved with foster care and mental health organizations, according to their bio on The Giving Pledge website.
A year ago, the Eliases sued their architect and home builder for faulty doors and windows at their $10.5 million home with views of the 7th fairway at Quail Hollow Club and where Justin Timberlake performed in May 2017 to celebrate Ric Elias’ 50th birthday.
‘A love letter of sorts’
The couple has been married for 24 years and have two children.
“We also write this as a love letter of sorts to our children and our future grandchildren hoping to model the value of giving back and leaving the world in a better place for them,” the Eliases wrote in their pledge letter.
Charlotte Axios was the first to report about the Eliases’ pledge.
This story was originally published December 14, 2021 at 2:02 PM with the headline "One of Charlotte’s richest couples pledged to give away most of their money. Why?."