Eric Schmidt

Eric and his wife Wendy Schmidt are involved in a number of philanthropic endeavors that not only fund left-of-center environmentalism and human rights initiatives but also invest in technology development, particularly artificial intelligence (AI).

In 2023, Forbes estimated Schmidt’s 2022 net worth to be roughly $22.1 billion, up from his 2021 net worth of $18.9 billion and his 2020 net worth of $13.2 billion. ¹

Career

Eric Schmidt was raised in Blacksburg, Virginia. His father worked as a professor of economics at Virginia Tech. ² Schmidt received a bachelor’s degree in electrical engineering from Princeton University. He went on to earn a master’s and Ph.D. in computer science from the University of California, Berkeley. ³

In 1979, Schmidt got a job at Xerox Corporation’s Palo Alto Research Center (PARC). He worked there until 1983 when became a software manager at Sun Microsystem, Inc., a software company that had launched one year before. In 1994, Schmidt became the chief technology officer of Sun. ² In this early period, Schmidt had also worked at Bell Laboratories and Zilog. ³

In 1997, Schmidt became the chairman and CEO of Novell, a software and services company that was struggling against Microsoft. ² Schmidt joined Google in 2001. ³

Schmidt worked as Google’s chief executive officer and chairman from 2001 to 2011, working alongside Sergey Brin and Larry Page to improve the startup’s business and tech strategies and turn it into a leading global corporation. Schmidt was the chairman of Google until 2015. ³

Schmidt then became the chairman of Alphabet, Google’s holding company, until 2018. From 2018 to 2020, Schmidt worked as a technical advisor to Alphabet, advising on technology, business, and policy. ³

In 2010, Schmidt became a founding partner of Innovation Endeavors, a technology investment firm which as of January 2023 he was still involved with. ⁴

In August 2020, Schmidt announced his podcast, Reimagine with Eric Schmidt. He invited a number of significant figures in politics, business, science, and technology to discuss “how society can solve current challenges” and “build a brighter future after the COVID-19 pandemic.” ³

In 2023, Forbes estimated Schmidt’s 2022 net worth to be roughly $22.1 billion, up from his 2021 net worth of $18.9 billion and his 2020 net worth of $13.2 billion. ¹

Accolades and Fellowships

Over the years, Schmidt has been given many awards, fellowships, and positions on corporate boards, and has thus become connected widely with the elite of academia, government, and tech. In 2006, he was elected to the National Academy of Engineering; in 2007, he became a fellow of the American Academy of Arts and Sciences. He sat on the boards of trustees of Carnegie Mellon University from 2004 to 2006, of Princeton from 2007 to 2010, and the board of visitors of UC Berkeley from 2014 to 2021. In 2008, Schmidt became a trustee of the Institute for Advanced Study in Princeton, New Jersey, a position he has held since. He became an emeritus board member of the institution in 2020. ³

Schmidt sat on the board of directors of Apple from 2006 to 2009. He served as a member of the U.S. President’s Council of Advisors on Science and Technology from 2009 to 2018. ³

As of 2023, Schmidt was the chairman of the Broad Institute’s board of directors, was a member of the Mayo Clinic board of trustees, and a member of Cornell Tech board of directors. He was also a “Visiting Innovation fellow” at MIT, a member of MIT IQ’s advisory board, a member of MIT Commission on the Work of the Future, a member of MIT CEO advisory board, and a member of the MIT Schwarzman College of Computing Advisory Council. ³

As of 2023, Schmidt was a member of the board of Rebellion Defense, a software development firm that specializes in advancing AI technology for the benefit of the national defense of the United States. ^{5 6}

Grantmaking

Schmidt Family Foundation

Eric and Wendy Schmidt established the Schmidt Family Foundation in 2006. The foundation, based in Palo Alto, California, was created as a 501(c)(3) private foundation. As of 2016, the foundation’s stated mission was “to advance the wiser use of energy and natural resources and to support efforts worldwide that empower communities to build resilient systems for food, water, and human resources.” ⁷ In 2019, the foundation’s assets were roughly $20 million with $9.5 million in expenses that year. ⁸

Schmidt Futures and the Eric and Wendy Schmidt Fund for Strategic Innovation

In 2017, Eric and Wendy Schmidt founded Schmidt Futures, a research firm and social philanthropy that serves as a fund for startups, research labs, and government agencies involved in technology research and development, especially artificial intelligence. ⁴

In 2019, Eric and Wendy Schmidt announced an additional $1 billion contribution to their commitment to philanthropy. Along with this came the creation of Rise, a joint venture of Schmidt Futures and the Rhodes Trust to invest in young people of promise to help them “empower them to serve their communities.” ³

In 2020, Eric Schmidt and Schmidt Futures were chosen by New York Governor Andrew Cuomo (D) to lead New York state’s 16-member “blue ribbon” commission to “reimagine” New York amid the COVID-19 outbreak, which led to the “first-ever mandate for universal, affordable connectivity in the United States.” ³

In 2022, Schmidt Futures, a scientific research firm and social philanthropy, came under fire from Politico, the Tech Transparency Project (TTP), and others for serving as Eric Schmidt’s vehicle for indirectly funding and managing the Biden administration’s AI program and other initiatives related to STEM research and development. ⁵ Founded in 2017, it dedicates its funds to scientists, researchers, and programs that work on AI, synthetic biology, and other STEM-related projects. ⁹

Schmidt Futures is not a standalone legal entity and is not a tax-exempt nonprofit organization. Rather, it is operated as an “initiative” by Eric Schmidt’s Futures Action Network LLC, a for-profit firm, and is funded by a number of Schmidt-related organizations like the Eric and Wendy Schmidt Fund for Strategic Innovation. ¹⁰ This Fund, in operation since 2013, had as of 2019 roughly $440 million in total net assets and largely made disbursements to educational organizations such as universities, university foundations, research labs, and inner city or public school system consultancy firms. ^{11 12}

Schmidt Futures is not legally able to finance positions in the federal government. Instead, it gives funds to the Federation of American Scientists (FAS) which is among the select groups  able to fund government positions according to the Intergovernmental Personnel Act of 1970. FAS’s “Day One Project,” founded in January 2020 to fill science and technology positions in the executive branch. It was funded by more than 20 philanthropies including Schmidt Futures. ^{5  13} Schmidt Futures was highly involved in getting Day One Project started. Its chief innovation officer Tom Kalil and then-managing director Kumar Garg spoke at the FAS launch event for the project. ⁵

These FAS “fellows” have been recruited by the Biden administration to fill positions in the White House Council of Economic Advisers, the White House Council on Environmental Quality, Department of Energy, Department of Education, Department of Health and Human Services, Department of Transportation, Department of Homeland Security, and the Federal Trade Commission. More than five FAS fellows were hired to the Office of Evaluation Sciences in the General Services Administration which acts as an external consultancy for various executive branch agencies. ⁵

Alex Engler, a fellow at Brookings Institution, claimed Schmidt was working harder than any other figure to manipulate American AI policy. Engler said Schmidt’s investments and the White House AI policy were increasingly becoming dedicated to developing the U.S. government’s AI powers, and very little was being directed toward limits and regulations against potential dangers. ⁵

According to Politico, director of the Tech Transparency Project (TTP) Katie Paul said, “Eric Schmidt appears to be systematically abusing this little-known set of programs to exert his influence in the federal government […] The question is, on whose behalf is it? Google, where he’s still a major shareholder? Is it to advance his own portfolio of investments–artificial intelligence and bioengineering or energy? The public has a right to know who is paying their public servants and why.” The Tech Transparency Project released a report on the Schmidt-Biden administration connections. ^{5 14}

America’s Frontier Fund

America’s Frontier Fund was assembled by Schmidt and PayPal co-founder and right-of-center donor Peter Thiel to invest in domestic chip manufacturing in a wider geopolitical struggle against China’s attempt to corner the semiconductor market. Schmidt and Thiel were joined by government officials like Obama administration Secretary of Defense Ashton B. Carter and Trump administration National Security Adviser H.R. McMaster. The group has met with members of Congress to request about $1 billion in federal funds for the project. ¹⁵

In June 2022, the New York Times published a piece on America’s Frontier Fund, “The Billionaires Behind a Push to Reinvigorate U.S. Chip-Making.”  The article criticized the Fund and its backers Eric Schmidt and Peter Thiel for asking “American taxpayers” to “help foot the bill”  ¹⁵

Political Contributions

In 2026, Eric Schmidt contributed $2 million to a California political action committee opposing a proposed state wealth tax targeting billionaires. The committee supported ballot initiatives intended to block or alter the proposed measure. ¹⁶

Personal Life

Eric is married to Wendy Schmidt. They have two children, one of whom is Sophie Schmidt. ¹ Wendy accompanies Eric on many of his philanthropic endeavors and is committed to left-of-center initiatives regarding environmentalism among other issues. His daughter Sophie is the director of the Schmidt Family Foundation and is the founder and CEO of Rest of World, an international nonprofit journalism organization that covers technology news in countries that receive little tech news coverage. ¹⁷