How Steve and Connie Ballmer are giving away billions
This week on 60 Minutes, correspondent Jon Wertheim profiled Steve Ballmer, the former Microsoft CEO and current owner of the Los Angeles Clippers.
Ballmer is consistently ranked among the world's top billionaires but doesn't lead the high-flying life of some of his peers.
He bought a basketball team, which he admits is an extravagance, but he has no superyacht, no new wardrobe, and no new spouse. And Ballmer is giving away billions of dollars through a philanthropy he runs with his wife, Connie, called the Ballmer Group.
In an interview at their home in Washington, Steve and Connie Ballmer shared their vision for that philanthropy.
Steve Ballmer, who held on to most of his Microsoft stock after stepping down as CEO in 2014, has seen his net worth soar past $120 billion.
Connie Ballmer felt strongly that responsibility came with all that good fortune.
She first pitched the idea of a philanthropy to her husband 10 years ago, but Steve, by his own admission, was skeptical.
In essence, he felt that the government could handle the distribution of resources in the U.S. He felt the private sector couldn't match the effectiveness of government and could not change people's lives on a national scale. He said that, over time, Connie changed his thinking.
"Government does supply almost all the money to help people. [But] philanthropy has a role in helping to do proof points, prove where things are going, and step in where government won't go," Steve told Wertheim.
In 2015, the couple co-founded the Ballmer Group after Steve retired from Microsoft.
The Group's mission is to improve economic mobility, particularly for kids and families in disadvantaged communities.
"We were both incredibly fortunate to be born in this country at this time and have so much privilege," Connie told Wertheim. "Children have no voice. And they don't get to vote on where they're born and where they live."
Her husband agrees. "Every kid deserves a shot," said Steve. "Not every kid's going to be successful. But if you're born with parents who are less affluent, you should still have an opportunity to pursue your dreams."
So far, the Ballmers have given away about $7.4 billion in grants.
They've taken a "cradle-to-career" approach, investing in a wide variety of causes: from early childhood and K-12 education to college access and readiness, career, workforce, and housing initiatives.
In 2022, the Ballmer Group gave $175 million to a nonprofit called StriveTogether that connects local communities to a nationwide network. The two organizations can share data and find resources to improve education and career outcomes for young people.
The Ballmers say they're especially connected to the communities that they have personal links to, like Los Angeles County, home of the Clippers; Washington state, where they live; southeast Michigan, where Steve was born and raised; and Oregon, where Connie went to college.
Through the philanthropy, the couple has pumped $15 million into Partnership for Los Angeles Schools, and they've made a $24m investment in the Boys and Girls Club of America.
In 2022, Connie's alma mater, University of Oregon, was given a $400 million grant to create the Ballmer Institute of Children's Behavioral Health.
Wertheim asked the Ballmers what a "win" looks like and how they measure success.
"Each area is different," Connie said. "[But] if we have less community violence. If we have more teachers of color in schools that need them. If we have more high school graduation rates. If we have better kindergarten readiness."
At the end of the interview, Wertheim changed topics. Steve already owns one pro sports franchise. Could another be on the horizon?
"I told him that he and his next wife would have a good time with that," Connie said with a laugh.
Steve Ballmer, in a fit of laughter, shot the idea down: "No, sir."
"We've got enough sports…I can give my passion to this. I can work on the philanthropy."
The video above was produced by Will Croxton. It was edited by Sarah Shafer Prediger.
