Joel Embiid Donates $500K to Team Employees as Billionaire Team Owners Ask People to Take a 20 Percent Pay Cut

The Philadelphia 76ers and New Jersey Devils, both owned by Harris Blitzer Sports & Entertainment, are asking employees to take a voluntary 20 percent pay cut. This is why you don't need to worry about the feelings of billionaires - they have none. In the face of a global crisis, billionaires expect millionaires and those with even less to make the sacrifices while their money-making machines do nothing but pause.
The Sixers and Devils, through Harris Blitzer Sports & Entertainment CEO Scott O’Neil, have confirmed @NYTSports’ report earlier tonight of salary reductions for full-time employees in both organizations with the following statement: pic.twitter.com/N7LMgvACAV
— Marc Stein (@TheSteinLine) March 24, 2020
The Sixers current ownership group, led by Joshua Harris and David Blitzer, purchased the 76ers in 2011 for $287 million. The team is currently worth around $2 billion. The Devils are worth a paltry $550 million, which is still up a bit from the $320 million Harris and Blitzer paid for them.
According to Forbes, Harris is currently worth about $3.9 billion. According to a story about the pair trying to sell Crystal Palace a year ago, Blitzer is worth about $1.3 billion. In 2017, Harris purchased a six-story, 21,000 square foot townhouse in New York City for $45 million. It is unclear if that is the home he'll be riding out apocalypse in.
Meanwhile, Sixers' star Joel Embiid will help make up for his bosses' decision.
For Joel Embiid, the $500,000 donation will go toward health and medical relief. The amount toward 76ers employees is to be determined based upon who is affected. https://t.co/HvjVlWcKhU
— Shams Charania (@ShamsCharania) March 24, 2020
More importantly, Embiid has been doing what the rest of us are supposed to be doing - staying home. And he's been using his time to educate himself so that he can help. Now he's done that by pledging money to help his co-workers get through this. If Embiid pledged half a million dollars and he makes about $30 million a year, what do you think the equivalent contribution from a billionaire would be? Probably less than paying all the Sixers and Devils employees their full salaries for the next few months.
Embiid, who has been in self-isolation since 3/11, has been studying the best ways to help the doctors and nurses on the front lines, who are treating patients with COVID-19.
— Ramona Shelburne (@ramonashelburne) March 24, 2020
UPDATE: A swift reversal has taken place.
76ers ownership is planning to change course, pulling back on salary reductions for staff, league source tells ESPN.
— Adrian Wojnarowski (@wojespn) March 24, 2020