Bezos says will donate most of his $124 bn fortune in his lifetime

by IANS |

San Francisco, Nov 15 (IANS) Amazon founder Jeff Bezos has announced plans to donate most of his $124 billion fortune during his lifetime, at a time when the e-commerce giant is reportedly set to lay off nearly 10,000 workers.

Bezos told CNN that the money will go towards fighting climate change and "supporting people who can unify humanity in the face of deep social and political divisions".

Bezos' partner, the journalist-turned-philanthropist Lauren Sanchez, said the couple is "building the capacity to be able to give away this money".

Asked by CNN whether he intends to donate the majority of his wealth within his lifetime, Bezos said: "Yeah, I do."

The fourth-wealthiest person in the world, however, declined to identify a specific percentage or to provide concrete details on where it would likely be spent.

The Amazon founder has committed $10 billion over 10 years, or about 8 per cent of his current net worth, to the Bezos Earth Fund co-chaired by Sanchez.

In May this year, Bezos donated $118 million to a nonprofit, but it was unclear to which nonprofit he made the donation.

According to a Securities and Exchange Filings (SEC) filing, Bezos transferred 47,727 shares of Amazon stock to an unnamed nonprofit, worth a total of $118 million based on that day's closing stock price, reports Forbes.

Bezos does most of his philanthropy through gifts of Amazon shares, which the receiving nonprofit is allowed to sell without paying capital gains taxes.

Since the beginning of this year, Bezos has gifted 84,030 Amazon shares worth $233 million to unnamed nonprofits, according to SEC filings.

Bezos is not required to disclose which nonprofits receive his shares, though he tends to publicly announce his large donations sometime after he has transferred the stock, the report said.

In 2021 alone, he gave $100 million to former President Barack Obama's Foundation, as well as to World Central Kitchen's chef Jose Andres and nonprofit founder Van Jones to give to charities of their choice.

He also made a $200 million pledge to the Smithsonian's Air and Space Museum in July last year.

Bezos has also been giving away $100 million per year to organisations helping homeless families as part of his Day One Fund initiative.

Latest News
Global prevalence of gout to rise more than 70pc by 2050: Study Fri, Jul 12, 2024, 05:20 PM
Sensex closes at all-time high, tech stocks lead rally Fri, Jul 12, 2024, 05:19 PM
US: One dead, two missing after helicopter crashes into ocean in Hawaii Fri, Jul 12, 2024, 05:16 PM
June 25 to be celebrated as 'Samvidhaan Hatya Diwas', every year Fri, Jul 12, 2024, 05:14 PM
Held discussions with legal experts on release of Cauvery water to Tamil Nadu: K'taka Deputy CM Fri, Jul 12, 2024, 05:13 PM
Death toll in Indonesia's gold mine landslide rises to 26 Fri, Jul 12, 2024, 04:54 PM
UP to export 40 tonnes of mangoes to Japan & Malaysia in 2024: CM Yogi Fri, Jul 12, 2024, 04:52 PM
Maha: CAG raises alarm over rising fiscal stress due to mismatch between receipts & expenditure Fri, Jul 12, 2024, 04:32 PM
Kumaraswamy asks NMDC to commit to production target of 100 million tonnes Fri, Jul 12, 2024, 04:30 PM
SC/ST welfare funds diverted for party's poll promises, Union Minister slams Ktaka govt Fri, Jul 12, 2024, 04:28 PM
South Korea vows to strengthen solidarity with France Fri, Jul 12, 2024, 04:10 PM
Nothing sells 1 lakh units of India-made CMF Phone 1 in 3 hours Fri, Jul 12, 2024, 04:04 PM
India equity capital markets raise $29.5 bn in 2024 1st half, M&A activity hits $37.3 bn Fri, Jul 12, 2024, 04:00 PM
Foreign Ministers from Bay of Bengal countries call on PM Modi Fri, Jul 12, 2024, 03:45 PM
Gambhir approaches BCCI for Morkel's appointment as bowling coach: Report Fri, Jul 12, 2024, 03:38 PM