Musk Backs Coinbase CEO's Scathing Critique of Institutional Philanthropy

Coinbase CEO Brian Armstrong sparked controversy this week after stating that charity and philanthropic foundations are often a 'net negative' for the world.

In an interview on The Katie Miller Podcast, Armstrong criticized institutional charitable giving, saying it's hard to find a foundation that hasn't been 'captured by ideology.'

He pointed to the Ford Foundation as an example, suggesting Henry Ford would be displeased with their current activities. Armstrong also mentioned that financial advisers had encouraged him to establish his own charity for tax purposes after Coinbase went public.

'My fear is that it just gets captured by some ideology and I lose control over it,' he said.