Jeff Bezos's Philanthropic Push: Selling Shares to Donate Big
Jeff Bezos, the Amazon founder, is ramping up his promise to donate a significant chunk of his wealth to good causes. According to CNBC, he might sell up to 10 million of his Amazon shares this week, potentially netting him around 1.4 billion US dollars. This move comes after a block of shares worth around 240 million US dollars was sold last week, also as a donation.
Bezos's net worth is estimated to be around 170 billion USD, making him the third-richest person in the world. Despite these sales, his fortune remains substantial, with over 980 million Amazon shares still in his possession, accounting for almost 10% of the company.
Post-CEO resignation in 2021, Bezos declared his intention to give away a large portion of his wealth during his lifetime. He aims to support projects tackling climate change and social and political divisions. His philanthropic efforts have seen a noticeable increase recently.
Joining the Club of Super-Philanthropists
Bezos is not alone in his philanthropic endeavors. Since the turn of the millennium, an increasing number of ultra-rich entrepreneurs have committed significant portions of their fortunes to charity. Among them are:
- Bill Gates, the Microsoft founder and now the fourth-richest person, distributed over 40 billion USD through his foundation last year.
- Warren Buffet, ranked ninth, has pledged to donate half of his fortune, and the remaining 100 billion USD is due after that.
- Facebook's Mark Zuckerberg and his wife have announced plans to give away 99% of their fortune to charitable causes.
- MacKenzie Scott, Bezos's ex-wife, has already disbursed more than 14 billion USD from her share post-divorce in 2019.
However, the generosity of billionaires is not without controversy. Critics argue that their donations reduce much-needed public revenue and shift decision-making power away from democratic institutions.
Bezos's Motives and Critics' Concerns
Bezos's recent sale of shares and plans to donate a large portion of his wealth have sparked discussions. While some celebrate this act of philanthropy, critics raise concerns, particularly regarding Bezos's motives and the potential impact on public policy, community involvement, tax benefits, perpetuation of inequality, transparency, and accountability in philanthropy.
Despite these concerns, some philanthropists like MacKenzie Scott are actively promoting a more decentralized and community-driven approach to philanthropy.
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Critics have raised several concerns and controversies surrounding billionaire philanthropists' charitable activities. These include concerns about influence over public policy, lack of community involvement, tax benefits, perpetuation of inequality, transparency and accountability, and use of philanthropy as a PR tool. Critics also advocate for more decentralized and community-driven approaches to philanthropy.
