Amazon founder Jeff Bezos has announced he will give away “the majority” of his $126bn (£93.6bn) fortune to charity. In a tweet, Mr. Bezos said he had set up a fund to support “people in the short term” and help “build resilient, inclusive communities for the long term”.
How did Jeff Bezos make his fortune?
Jeff Bezos made his fortune through his ownership of Amazon. He founded the company in 1994 and served as its CEO until July 2018. Under his leadership, Amazon became the world’s largest online retailer and expanded into a variety of other industries.
The world’s richest man has not elaborated on how much money he plans to give away or who will receive it. But he joins other billionaires – including Bill Gates and Warren Buffett – who have pledged to donate the majority of their wealth.
Mr. Gates and Mr. Buffett – respectively the second and third richest people in the world – founded The Giving Pledge in 2010. It encourages billionaires to publicly commit to giving away at least half their fortune.
In a tweet, Mr. Bezos said his fund would support “people in the short term” during the Covid-19 pandemic and also help “build resilient, inclusive communities for the long term”. He added that he would start giving away shares this summer and would ultimately hand over control of Amazon to his children.
Mr. Gates, the co-chair of the Bill & Melinda Gates Foundation, praised Mr Bezos for his “generosity”. In a statement on Twitter, he said the Giving Pledge was “about asking wealthy individuals to leave a legacy beyond their wealth”.
“I’m thrilled to hear Jeff has signed The Giving Pledge and I look forward to working with him,” Mr. Gates added.
Mr. Buffett, chief executive of Berkshire Hathaway, said Mr. Bezos’ move was a “wonderful bit of news”.
“He’s an extraordinary man,” Mr. Buffett told CNBC. “I’m delighted that he’s doing it.”
The Giving Pledge has so far been signed by 189 people from 23 countries, according to its website.
Who may benefit from this donation?
The beneficiaries of Jeff Bezos’s largesse are not yet clear, but they are likely to include a number of charities that focus on alleviating poverty and helping the needy. Mr. Bezos has not announced where he will donate the money, but he is a signatory of The Giving Pledge, a campaign launched by Bill Gates and Warren Buffett urging billionaires to donate half of their fortunes to charity. Other wealthy donors who have signed the pledge include Mark Zuckerberg, Michael Bloomberg, and Pierre Omidyar.
Jeff Bezos has joined other billionaires – including Bill Gates and Warren Buffett – who have pledged to donate the majority of their wealth. The Amazon founder says he will give away “the majority” of his $126bn (£93.6bn) fortune to charity. In a tweet, Mr. Bezos said he had set up a fund to support “people in the short term” and help “build resilient, inclusive communities for the long term”.
