David Gelbaum, a wealthy California conservationist, said he was indefinitely stopping the donations that had made him the New York-based group’s largest anonymous donor.
Gelbaum also announced he was halting some $12 million in yearly gifts to the Sierra Club Foundation and about $50 million a year that he’s been giving to an organization serving veterans who served in Iraq and Afghanistan. Gelbaum has given a total of $389 million to the groups from 2005 to 2009.
Gelbaum says he hopes others will step forward and replace his donations. Gelbaum, a native of Minnesota, made his fortune working for hedge funds, where he used mathematical formulas to pick stocks and bonds.
Gelbaum’s donation to the Sierra Club Foundation was earmarked for outdoor programs for military families, including a popular summer camp program for children of deployed veterans.