Jeff Bezos sells millions of Amazon shares
Amazon founder Bezos wants to donate a large part of his money. He is now selling a billion-euro share package to do so. He is not alone, the club of "big donors" is growing. However, critics are questioning the charitable activities of the super-rich.
Jeff Bezos is apparently stepping on the gas with his promise to donate the majority of his fortune to good causes. According to the 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 dollars, this package would be worth up to 1.4 billion US dollars.
Just last week, Bezos sold a block of shares worth around 240 million US dollars. Both sales were marked as donations to charitable organizations, reports the US broadcaster, citing documents filed with the financial regulator SEC. It is not known which specific projects will be supported with the money. However, Bezos is expected to proceed "aggressively" with the sale of further shares.
According to the US financial agency Bloomberg, Bezos has a net worth of around 170 billion US dollars. This makes him the third richest person in the world. So far, the sales have not significantly diminished his fortune. Bezos still owns over 980 million Amazon shares, which corresponds to a stake of almost 10 percent in the company.
After stepping down as CEO of Amazon in 2021, Bezos declared that he wanted to give away a large part of his fortune during his lifetime. Since then, he has accelerated his philanthropic activities. Bezos wants to support projects and organizations that fight climate change and are dedicated to combating the social and political divisions in society.
Growing club of super-philanthropists
Bezos is not the only billionaire to focus on philanthropy during his lifetime. Since the turn of the millennium, more and more super-rich entrepreneurs have started to donate 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 fortune for the common good. According to reports, he had already donated half of his fortune in 2021. Another 100 billion dollars should follow after that. Buffet ranks ninth in the Bloomberg billionaires list.
- Mark Zuckerberg, the founder of Facebook, and his wife have also announced that 99% of their huge fortune will go to charitable projects.
- And MacKenzie Scott, the ex-wife of Jeff Bezos, is shaking up the world of philanthropy like no other woman before her: after her divorce in 2019, she received Amazon shares worth a good 38 billion dollars at the time, more than 14 billion dollars of which she has already distributed.
As noble as her motives may be, the generosity of the super-rich is not without controversy. Critics argue that their donations reduce urgently needed public revenue by billions. The money is often donated to specially established foundations and can therefore be deducted from tax. At the same time, control over resource and social decisions is being shifted from democratic institutions into the hands of a few individuals with decision-making powers.
Bezos moved from Seattle to Miami earlier this month after nearly 30 years because he wanted to be closer to his space company Blue Origin, he said. Amazon plans to launch 3,200 satellites into orbit over the next six years. Ten billion dollars alone are to be invested in this project. Climate protection is different, say critics.
Bezos's recent sale of Amazon shares worth over 1.4 billion USD is another step towards his goal of donating a significant portion of his wealth. Similar philanthropic efforts are being made by other wealthy individuals, such as Bill Gates and Warren Buffett, who have pledged to donate large sums of their fortunes. However, these generous donations have sparked criticism, with some arguing that they reduce necessary public revenue and shift decision-making power away from democratic institutions.
Source: www.ntv.de
