Snap co-founder Evan Spiegel and his wife, supermodel Miranda Kerr, recently announced a charitable initiative. On June 26, 2026, they released a video announcing: They purchased and wiped out $550 million (approximately 4 billion RMB) in medical debt. This helped about 261,000 California residents (around 250,000 families). They bought medical debt that had become 'bad debt' on the secondary market and then completely canceled it, with no further collection. Medical bad debt typically trades on the secondary market for about 0.5%–2% of its face value. In the U.S., there’s a charity called Undue Medical Debt that specializes in this. They use donations to buy bad debt, acquire the debt rights, and then cancel it outright—permanently forgiving the debt. So: donating $1 can eliminate about $100 in medical debt on average. Chinese billionaires should learn from this charitable approach. There are too many people in debt in China right now—likely in the trillions. For example, with 1 trillion in debt, 10 billion could buy and cancel that debt, helping millions or even tens of millions of people.