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The simple point is that the fundraising banner is intentionally misleading. People believe they are donating to the cause of keeping Wikipedia online and significantly less than half of their money is going to that.

Gee, I wonder how Wikimedia could make this practice ethical?

Maybe actually tell people it's going to those causes instead of Wikipedia?

Naaaaaaaaah

It's an extremely inefficient way of going about it. If they wanted to improve the health of Wikipedia, they could directly hire people to do that, and results would happen sooner.

It is an interesting if. Is there an indication that any of the ancillary grants by Wiki actually fund "stem education worldwide (especially in areas not well served today)"?