Sure you're going to give it all away. I believe you. Honestly, I love Amazon; they're coming through my front door twice daily. Ironic how his Ex has given away 5 times more than him...haha.
Amazon Founder Jeff Bezos to Give Most of His Money to Charity
Entrepreneur said he plans to give away most of his $124 billion fortune in his lifetime
Amazon founder Jeff Bezos said he would donate most of his money to fighting climate change and other causes.
By Ginger Adams OtisFollow
Updated Nov. 14, 2022 1:12 pm ET
Amazon.com Inc. founder Jeff Bezos said he plans to give the bulk of his fortune, estimated at $124 billion, to charity during his lifetime.
In an interview with CNN, the billionaire said he would donate most of his net worth to fighting climate change and supporting people who can help unify the fractured political landscape.
“We have big problems in the world and the way to get big problems done is to work together,” Mr. Bezos told CNN during an interview with his girlfriend Lauren Sánchez at his Washington, D.C., home.
Mr. Bezos, 58, is currently the fourth-richest person in the world, according to the Bloomberg Billionaires Index, which measures personal wealth based on changes in markets, the economy and other reporting. He amassed much of his wealth from Amazon, the world’s biggest online retailer. He also founded space company Blue Origin LLC and bought the Washington Post nearly a decade ago for $250 million.
The interview marked the first time he had promised to give away much of his earnings, CNN said.
He hasn’t signed on to the Giving Pledge, a campaign started in 2010 by Microsoft Corp. co-founder Bill Gates, his now ex-wife Melinda French Gates and billionaire Warren Buffett to try to kick-start a new era of philanthropy.
The nonbinding pledge now includes more than 230 people from 28 countries, including Tesla Inc. Chief Executive Elon Musk and Meta Platforms Inc. founder Mark Zuckerberg and his wife, Priscilla Chan.
It also includes Mr. Bezos’ ex-wife, MacKenzie Scott, who played an instrumental role in creating the online retail shopping company that made them both billionaires.
Ms. Scott, who received 4% of the company’s shares as part of their divorce settlement, vowed to give away the majority of her wealth in 2019. The billionaire philanthropist said Monday she gave away nearly $2 billion over the past seven months to 343 organizations that support underserved communities in her latest batch of donations. That includes about $85 million she gave to the Girl Scouts of the USA last month.
She has now given away at least $14.43 billion to nearly 1,600 organizations since she started disclosing her philanthropic efforts, according to a Wall Street Journal tally of her Medium posts.
She has a net worth of $23.8 billion, according to Bloomberg.
Mr. Bezos, who last month said it was time to “batten down the hatches” as the economy cools, said on CNN that he remains optimistic about the future even amid the stock market’s tumble this year, which has wiped away billions of his net worth.
As markets react to inflation and high interest rates, technology stocks are having their worst start to a year on record. WSJ’s Hardika Singh explains why the sector — from tech giants to small startups — is getting hit so hard. Illustration: Jacob Reynolds
“The economy doesn’t look good right now,” said Mr. Bezos, who added that he would advise business owners to avoid big expenditures for now.
“Just take some of the risk off the table,” he said. “If you’re a small business, maybe delay some capital purchases, do you really need that new piece of equipment? Maybe it can wait a little bit, have some cash on hand.”
The net worth of Mr. Bezos, who previously held the title of the world’s richest person before Mr. Musk took the lead last year, has fallen by about $68 billion so far this year, according to Bloomberg.
Establishing the exact net worth of many executives and founders can be tricky, in part because many of their holdings are private. Much of their wealth is at least partially tied up in shares of their businesses. That means big swings in their companies’ stock prices can have profound impacts on measures of wealth. Amazon’s stock has fallen by roughly 40% so far this year.
Mr. Bezos said he didn’t know how long a potential economic recession could last.
“I don’t think even the most experienced economists in the world can answer that question,” he said.
Mr. Bezos has previously donated to causes he cares about. Last November, he gave $100 million to former President Barack Obama’s private foundation.
He also gave $96.2 million in grants to organizations working to fight homelessness and pledged to donate about $1 billion in grants through the Bezos Earth Fund to groups working to address climate change.
Mr. Bezos told CNN the focus of his philanthropy is to amplify the work of those who promote unity instead of conflict.
“One of the things that I don’t like about the current environment is that I think there is a lot of division,” he said. “I think that people use conflict as a tool to achieve their own ends. I don’t think it’s a good tool.”
Mr. Bezos said he is determined to give away most of his estimated fortune in the coming years, though he and Ms. Sánchez have discovered it is more challenging than they had realized.
“The hard part is figuring out how to do it in a levered way. It’s not easy,” he said. “We’re building the capacity to be able to give away this money.”
Dolly Parton supports several charities, including the Imagination Library.
PHOTO: SAQUAN STIMPSON/ZUMA PRESS
Their most recent gift went to Dolly Parton, who was awarded the Bezos Courage and Civility Award this weekend. It comes with a $100 million grant to give away as she wishes.
Ms. Parton has several longstanding charities she supports, including her Imagination Library, which has distributed nearly 200 million books to children since 1995.
Ms. Sánchez posted a clip of the award speech on her Instagram and said Ms. Parton is a “woman who gives with her heart and leads with love and compassion in every aspect of her work.”
This is the third Courage and Civility Award given by Mr. Bezos. Last year he made similar grants to Spanish chef José Andrés, who runs the World Central Kitchen and provides free meals on the front line of humanitarian crises, and climate advocate and CNN contributor Van Jones.
Mr. Bezos also commented on reports that he and entertainment mogul Jay-Z are in talks on a potential joint bid for the Washington Commanders.
“I’ve heard that buzz,” Mr. Bezos said.
“I grew up in Houston, Texas, and I played football growing up as a kid,” he said, noting that it is his favorite sport and that “we’ll just have to wait and see.”
—Joseph De Avila contributed to this article.
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