A detailed look at the $2billion charity contribution Jeff Bezos proudly announced this week has revealed the donation is much less generous than it seems given the Amazon founder's monumental wealth.
The magnate, who currently holds the title of America's Richest Man, on Thursday publicized the launch of the Bezos Day One Fund, which will provide aid to homeless families and open preschools in low-income communities.
Bezos has made a $2billion initial commitment to the philanthropic fund, a number that seems impressive but in reality only amounts to 1.2 percent of his estimated net worth, according to a breakdown by news and opinion site Splinter.
Put in more relatable terms, the average American household would need to donate less than $1,200 to match that proportion.
Jeff Bezos proudly announced a hefty $2billion charity contribution on Thursday, which sounds like an impressive donation but in reality only amounts to 1.2 percent of his net worth
Splinter showed the math behind its calculations with the list below:
- Jeff Bezos’ approximate net worth: $163billion
- Jeff Bezos’ largest-ever commitment to charity: $2billion
- Percentage of Jeff Bezos’ net worth charity donation represents: 1.2%
- Median net worth of an American household: $97,300
- Equivalent charity donation by an average household: $1,168
The report went on to compare Bezos to other elites such as Bill Gates, who has his own ten-figure philanthropy, Warren Buffett, who has reportedly given more than $30million in the last decade.
It also mentioned Mark Zuckerberg, who in 2015 pledged to give away 99 percent of his net worth in his lifetime, which amounts to an estimated $45billion.
Splinter also calls out Bezos for the fact that he hasn't signed the Giving Pledge, a promise dozens of billionaires - including the ones mentioned above - have made to give the majority of their wealth to charity.
'A billion dollars in the bank account of a single human in a world where poverty exists is a profound failure of politics and morality,' Splinter's Hamilton Nolan writes.
'Expecting the billionaires to give almost all of it away is the very lowest sort of expectation that one could even attempt to argue is ethical.
He adds: 'More ethical would be to tax it all away immediately. More ethical than that would be to ensure that such grotesque accumulation of wealth can never occur in the first place.'
Bezos's fortune comes mainly from his stake in Amazon, the diversified online firm which briefly hit $1 trillion in market value this month and is the second most valuable company after Apple.
He also operates the private space exploration firm Blue Origin and owns the Washington Post newspaper.
The magnate announced the launch of the Bezos Day One Fund, which will provide aid to homeless families and open preschools in low-income communities, on Twitter Thursday
Bezos announced the fund in his name on Twitter Thursday, a year after he'd asked for ideas on how he could use his personal fortune - now estimated at some $163 billion - for charitable efforts.
Grants will be given to organizations 'doing compassionate, needle-moving work to provide shelter and hunger support to address the needs of young families,' Bezos said.
The fund will also seek to launch and operate 'a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities,' he wrote.
'We will build an organization to directly operate these schools.'
Bezos said the schools would 'use the same set of principles that have driven Amazon' and that 'the child will be the customer.'
Despite his fortune, Bezos has not been a major philanthropic donor and Amazon has been criticized in its home of Seattle, Washington, for doing little to address problems of the growing homeless population.
Last year, he donated $33million to fund scholarship for 'dreamers,' the name given to undocumented children of immigrants who face legal obstacles in attending college or university.
He has also made donations for cancer research and to Princeton University, his alma mater.
THE TRILLION DOLLAR RISE OF AMAZON
The first book sold on Amazon was 'Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought' by Douglas Hofstadter.
1994: Jeff Bezos incorporates what would become Amazon under the name 'Cadabra Inc.' He later re-named the company under its current name.
Bezos chose the name Amazon in reference to the Amazon River, the biggest river in the world, as he hoped Amazon would be the biggest bookstore in the world.
1995: Amazon opens up shop as a bookstore. The first book sold on Amazon was titled 'Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought' by Douglas Hofstadter.
1997: Amazon goes public at $18 per share on the Nasdaq under the symbol 'AMZN.'
1998: Bezos begins selling more than just books on Amazon. The firm opens up sales of music, movies, consumer electronics, video games, toys and more.
2000: The firm introduces its now-famous logo, which features a curved arrow leading from A to Z, with an arrow shaped like a smile. The logo is meant to suggest that Amazon sells every kind of product from A to Z.
In 1998, Jeff Bezos began selling more than just books on Amazon. It ventured into consumer electronics, music, movies, video games, toys and many other products
2001: Amazon turns a profit for the first time ever, proving to investors that the firm's business model could stick.
2002: The company launches Amazon Web Services (AWS) as a service for internet traffic data, but it would go on to grow into the firm's cloud computing behemoth.
2006: Amazon rolls out Fulfillment by Amazon, its massive logistics unit that now threatens the likes of UPS and FedEx.
In 2006, Amazon rolled out Fulfillment by Amazon, its massive logistics unit
2007: Amazon releases the first Kindle e-reader, in a move that was perceived as a disruption to the traditional publishing industry.
2012: Amazon doubles down on consumer hardware, launching the Amazon Fire HD tablet.
2014: Amazon launches the Fire phone, meant to be a competitor to the iPhone, which ends up flopping. The firm discontinued the device a year later.
2015: Amazon launches the original Echo speaker, a groundbreaking device, due to its speech recognition and AI capabilities.
2017: Amazon becomes the first streaming company to earn an Oscars nomination for the drama 'Manchester By the Sea.'
Later that year, Amazon announced it would purchase Whole Foods for $13.7 billion. The move has only strengthened its stronghold over the retail market.
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Main photo article A detailed look at the $2billion charity contribution Jeff Bezos proudly announced this week has revealed the donation is much less generous than it seems given the Amazon founder’s monumental wealth.
The magnate, who currently holds the title of America’s Richest Man, on Thursday...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
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