He and Charles Bronfman co-founded Taglit-Birthright Israel, which has to date sent over 220,000 young Jews aged 18–26 on a 10-day trip to Israel without charge.
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When Mayor Giuliani dropped out of the race, Steinhardt contributed an equal amount to Giuliani's successor, Rick Lazio.
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Joel also increased the organization's financial stability and prestige by bringing on board major philanthropists such as Michael Steinhardt, Edgar Bronfman, Sr., and Lynn Schusterman and Charles Schusterman.
Between 2004 and 2005, the company obtained financing from a core group of investors including former hedge fund manager Michael Steinhardt, Professor Jeremy Siegel of The Wharton School of the University of Pennsylvania and James D Robinson IV with venture capital firm of RRE Ventures.
More than half of the funding comes from philanthropists, among them Charles Bronfman, Edgar Bronfman, Sr., Daniel Och, Marlene Post, Lynn Schusterman, Sheldon Adelson, and Michael Steinhardt.