NET WORTH: $430 million (est.)
SOURCE OF WEALTH: Cofounder of Facebook
FUNDING AREAS: Universal Basic Income
OVERVIEW: Since leaving Facebook, Chris Hughes has focused most of his energy on projects related to politics, media, and technology. His public philanthropy has been limited, although he has been a major champion of the idea of a universal basic income.
BACKGROUND: Hughes is best known as a Co-founder of Facebook, which he started with his Harvard roommates Mark Zuckerberg, Dustin Moskovitz, and Edurado Saverin. Unlike Zuckerberg, who dropped out to launch the company, Hughes graduated magna cum laude with a degree in history and literature. After graduating, Hughes assumed a position at Facebook before leaving to serve as the director of online organizing for Barack Obama's 2008 presidential campaign. After the campaign, Hughes took some time off to travel before going back to work at Facebook. He also became an Entrepreneur in Residence at the venture firm General Catalyst Partners, and started a personal project in November 2010 called Jumo, a social network service and website that was designed to help people discover nonprofit organizations that support the issues and causes they care about, and get involved. Jumo was eventually acquired by Good in August 2011.
In 2012, Hughes bought a majority stake in the faltering New Republic magazine, briefly serving as its publisher, chairman and editor-in-chief. He sold it in 2016 to Oregon publisher Win McCormack.
UNIVERSAL BASIC INCOME: Hughes’ philanthropy has been primarily focused on exploring and popularizing the idea of a universal basic income. He’s been a supporter and advocate of GiveDirectly, a nonprofit that engages in direct cash transfers to poor Kenyan families. Hughes also helped to create and fund The Economic Security Project, which has raised $10 million to test the concept of a universal basic income.