Why is Jeff Bezos giving away his wealth? Business tycoon to donate $124 billion to charity

Bezos said that he, with his partner Lauren Sanchez, were 'building the capacity to be able to give away this money'

Why is Jeff Bezos giving away his wealth? Business tycoon to donate $124 billion to charity
Jeff Bezos attends the Baby2Baby 10-Year Gala presented by Paul Mitchell at Pacific Design Center on November 13, 2021 in West Hollywood, California. (Photo by Emma McIntyre/Getty Images)
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BEVERLY HILLS, CALIFORNIA: A majority of Jeff Bezos' $124 billion fortune will be donated throughout his lifetime, said the Amazon.com founder. According to Forbes, the 58-year-old founder is the second richest person in the world behind Tesla CEO and new Twitter owner Elon Musk. Bezos has received criticism in the past for not making a commitment to donate his riches to good and philanthropic causes. The founder of Microsoft, Bill Gates, and Bezos's ex-wife, MacKenzie Scott, have all made pledges to donate their riches.

According to CNN, the businessman would contribute his riches to the battle against inequality and climate change. When asked if he planned to donate the majority of his wealth throughout his lifetime, Mr. Bezos responded, "Yeah, I do." Together with his partner Lauren Sanchez, he continued, they were "building the capacity to be able to give away this money." The billionaire, who serves as executive chair of the Bezos Earth Fund, has pledged $10 billion to combat climate change and preserve the environment.

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The decision was made in response to Bezos and other billionaire businessmen receiving criticism for devoting a sizable portion of their income to space travel rather than addressing critical issues on Earth. Amazon's workforce had previously criticized the company for its actions that has worsened the effects of climate change. After founding the online marketplace Amazon in 1994, Bezos rose to become one of the wealthiest persons on the planet.

The Bezos Courage & Kindness Award, which honours leaders who "pursue solutions with courage and civility," was recently awarded to country music star and philanthropist Dolly Parton. Parton will be able to donate the money to the charity of her choice. She has, in the past, supported causes including children's literacy. Sanchez, when speaking on choosing Parton, said, "We couldn't have thought of someone better than to give this award to Dolly, and we know she's going to do amazing things with it.” After awarding $100 million to Parton for use in charity, Bezos announced his plans to further donate larger portions of his wealth.

In 2021, Jeff Bezos resigned as CEO of Amazon, but he is still the board chairman. He owns around 10% of Amazon. Additionally, he is the owner of Blue Origin, a space tourism business, and the Washington Post. The Bezos Courage & Decency Award, which honours leaders who "pursue solutions with courage and civility," was presented to Dolly Parton on Sunday by Bezos.

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