Why millionaire stock trader Timothy Sykes donates $ 500,000 to the children of Yemen
Timothy sykes, the self-made millionaire and reality TV star, is making headlines for altruistic reasons. Sykes has pledged to dip into his own pocket and donate half the million dollars that is given to Yemeni children through Karmagawa, the nonprofit he founded.
Karmagawa is a new and innovative charitable community, started by Sykes and active on social media like Facebook (FB), Instagram and Twitter (TWTR), with a mandate to support environmental and humanitarian causes. To date, she has donated over $ 4 million to 45 charities, and her latest donation is one of the largest to date. Karmagawa will contribute half a million dollars and Sykes another half a million to complete the pledge of $ 1 million to families and children in Yemen. Sykes’ philanthropy was bolstered by a profitable year on the stock market, with his contribution of $ 500,000 coming from his commercial profits for June and July.
Timothy Sykes and Mat Abad Image source: nypost.com
Send aid to a country in crisis
Yemen has been hit by an ongoing civil war that has resulted in food shortages, desperate poverty and lack of access to basic services like school. The situation was exacerbated by a cholera epidemic followed by the coronavirus, which was particularly virulent among the country’s young population.
Funds donated by Karmagawa will provide direct aid to Yemeni families. In addition to providing food packages, the initiative will support the construction of new schools, in which Karmagawa has extensive experience; to date, he has built more than 70 schools around the world and has expressed a goal of bringing that total to 1,000. Other initiatives the organization is involved in include a campaign to clean up an oil spill in off the coast of Mauritius. The project is almost halfway to its crowdfunding goal of $ 200,000.
Penny Stocks Millionaire embarks on philanthropy
Timothy Sykes is a penny stock trader known for making over $ 1.6 million in trading stock while in college. He is also known for the Wall Street Warriors reality show, playing a dogged hedge fund manager. Since then, he has specialized in teaching and today provides future traders with the skills necessary to master his profession.
Today, Sykes focuses on philanthropic efforts, donating all of his business profits to charity. In addition to building schools, the $ 4 million Sykes donated was used to support medical and animal rescue centers. The merchant leveraged his extensive social network to highlight causes close to his heart and increased Karmagawa’s Instagram follower count to over one million.
Now he has looked into the plight of Yemeni children, with Karmagawa set to match his $ 500,000 donation with contributions from his social media community and merchandise sales. Food packages to feed families in the area, distributed by charitable partners like Partners Relief and Mona Relief, will provide immediate relief as people recover from the debilitating effects of the coronavirus.