Portland News

Jeff Bezos commit more of his wealth to charity

Image Source: The Free Agent

Amazon founder Jeff Bezos has declared his intention to donate the majority of his $124 billion (£107 billion) fortune while he is still alive.

The entrepreneur told CNN that he would donate his wealth to combat climate change and promote justice.

Some claim he disregarded his commitment to refrain from donating all his wealth to charity.

Bill Gates, Warren Buffett, and Jeff Bezos’s ex-wife MacKenzie Scott—promised to donate their wealth.

Mr. Bezos discussed his plans after awarding country singer and philanthropist Dolly Parton $100 million for charitable causes.

The tricky thing is figuring out how to do it leveraged, he said, without specifying how he would use or donate the money.

Additionally, he said that he and Lauren Sanchez, his partner, were “building up the ability to give this money away.”

In the past, Jeff Bezos has made donated to charity

To address climate change, the billionaire established the Bezos Earth Fund in 2020 and donated $10 billion to it.

After Mr. Bezos and other business executives came under fire for spending a lot of money on space travel rather than resolving issues on Earth. Both former and current Amazon employees have criticized the company for its response to climate change.

Because of the success of Amazon, the online store he founded in 1994, Jeff Bezos is currently among the wealthiest persons on the planet.

He stepped down as CEO of Amazon in 2021, but he continued to serve as board chairman. In addition, he owns the space travel assistance business Blue Origin and The Washington Post newspaper.

On Sunday, Dolly Parton received the Bezos Courage & Civility Award from Mr. Bezos. According to him, leaders who “search for solutions with courage and love” received the prize.

Ms. Parton, who has aided children in learning to read, is free to donate the funds to any charity of her choice.

Mr. Bezos presented the honor in 2021. The organization’s inaugural honorees were the activist Van Jones and the chef and humanitarian Jose Andres, who founded World Central Kitchen and helped disaster-stricken nations obtain food.

Ms. Parton was admitted to the Rock and Roll Hall of Fame this month. She works as an actor, songwriter, businesswoman, and donor to charitable organizations.

She founded the Dollywood Foundation, which donates books to kids worldwide, and has done a lot of work for charity.

Other billionaires who donated most or all of their wealth

A billionaire named Bill Gates said he would once more donate a portion of his wealth. Additionally, he predicted that he would “slip off” the list of the world’s wealthiest people.

The co-founder of Microsoft also announced that he would donate $20 billion (£17 billion) to his foundation simultaneously.

The fourth-richest person in the world claimed it was his “responsibility” to contribute to society in some way.

Although Bill Gates declared in 2010 that he would give away all of his wealth, it has increased more than doubled.

According to Forbes, his current net worth is $118 billion. However, that number will significantly decline after he donated to the Bill & Melinda Gates Foundation in July. He founded this organization in 2000 along with his ex-wife.

Yvon Chouinard, the wealthy founder of Patagonia, donated his firm to a trust for charitable purposes, stating that any funds left over after operating it should be utilized to combat climate change.

Mr. Chouinard has repeatedly stated that he does not wish to be a businessperson. When he first started rock climbing, he made metal climbing spikes for himself and his friends. Later, he switched to the garment industry and founded a hugely prosperous sportswear company.

Patagonia had nearly $1.5 billion in sales this year, and Mr. Chouinard’s total net worth is about $1.2 billion. Although he has never discussed it publicly, the New York Times’ claim that he was a millionaire made him feel horrible.

Opinions expressed by Portland News contributors are their own.