Spendable super rich
Jeff Bezos sells millions of Amazon shares
November 22, 2023, 4:24 p.m
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Amazon founder Bezos wants to donate a large part of his money. To do this, he is now selling a share package worth billions. He is not alone, the club of “big spenders” is growing. However, critics question the charitable activities of the super-rich.
Jeff Bezos is apparently accelerating on his promise to donate the majority of his fortune to good causes. According to US broadcaster CNBC, Bezos could sell eight to ten million of his Amazon shares this week. At the current share price of just over $142, a package would be worth up to $1.4 billion.
Just last week, Bezos sold a block of shares worth around $240 million. Both sales were marked as donations to charitable organizations, the US broadcaster reports, citing documents filed with the financial regulator SEC. It is said that it is not known which projects will be specifically supported with the money. However, it is expected that Bezos will be “aggressive” when selling more shares.
According to the US financial agency Bloomberg, Bezos has a net worth of around $170 billion. This makes him the third richest person in the world. So far, the sales have not significantly reduced his wealth. Bezos still owns over 980 million Amazon shares, representing a nearly 10 percent stake in the company.
After stepping down as CEO of Amazon in 2021, Bezos said he wanted to give away much of his fortune during his lifetime. Since then, he has accelerated his philanthropic activities. Bezos wants to support projects and organizations that fight against climate changed dedicate themselves to the fight against social and political divisions in society.
Growing club of super philanthropists
Bezos is not the only billionaire to rely on philanthropy during his lifetime. Since the turn of the millennium, more and more super-rich entrepreneurs have started donating a large part of their wealth:
- Microsoft founder Bill Gates – currently the fourth richest man in the world – had already invested more than 40 billion dollars in projects worldwide last year through his foundation named after him.
- Investment legend Warren Buffet has also vowed to use his wealth for the common good. He had reportedly already donated half of his wealth in 2021. Another $100 billion was to follow. Buffet ranks ninth on the Bloomberg billionaires list.
- Mark Zuckerberg, the founder of Facebook, and his wife have also announced that 99 percent of their vast fortune will go to charitable causes.
- And MacKenzie Scott, the ex-wife of Jeff Bezos, is shaking up the world of philanthropy like no woman before her: After her divorce in 2019, she received Amazon shares worth a good $38 billion at the time, of which she has more than $14 billion already distributed.
No matter how noble their motives may be, the generosity of the super-rich is not without controversy. Critics argue that their donations reduce desperately needed public revenue by billions. The money is often donated to specially founded foundations and can therefore be deducted from taxes. At the same time, control over the resource and social decisions of democratic institutions is being transferred into the hands of a few individuals with decision-making authority.
Bezos moved from Seattle to Miami earlier this month after nearly 30 years because, he said, he wanted to be closer to his space company Blue Origin. Amazon plans to put 3,200 satellites into orbit over the next six years. Ten billion dollars are to be invested in this project alone. Climate protection can be done differently, say critics.