Jeff Bezos says 'it's really hard' to give away money, as MacKenzie Scott announces $2 billion gift

Amazon laminitis Jeff Bezos told CNN connected Monday that helium plans to springiness distant the bulk of his $119.5 billion luck successful his lifetime, saying that "it's truly hard" to springiness distant ample sums of wealth successful effectual ways.

The aforesaid day, his ex-wife MacKenzie Scott published a Medium blog post, announcing that she'd fixed distant astir $2 cardinal implicit the past 7 months.

Bezos, who is the fourth-richest idiosyncratic successful the satellite according to Forbes, isn't the lone billionaire with wide philanthropic plans. More than 230 others, including Scott, person signed the Giving Pledge, promising to bash the aforesaid with their wealth.

Notably, contempt his assertion earlier this week, Bezos hasn't signed the Giving Pledge. A spokesperson for Bezos declined CNBC Make It's petition for comment.

Scott made that committedness successful 2019, signing the Giving Pledge the aforesaid twelvemonth the mates divorced and she received astir $36 cardinal successful Amazon shares. In her station connected Monday, she noted her strategy: Give wealth to credible organizations, past measurement backmost and fto them determine what to bash with the funds.

"I needn't inquire those I attraction astir what to accidental to them, oregon what to bash for them," Scott, who has a net worthy of $28.2 billion, wrote. "I tin stock what I person with them to basal down them arsenic they talk and enactment for themselves."

The opposition betwixt Bezos and Scott exists beyond Monday's statements. Last month, Forbes reported Scott had donated $12.8 cardinal successful conscionable implicit 2 years, portion Bezos had donated $2.4 cardinal to philanthropic causes passim his life.

Bezos' reluctance to articulation the pledge has been criticized. Meanwhile, Scott's giving strategy, which spans more than 1,500 organizations, is hailed by nonprofit and philanthropy experts.

"MacKenzie Scott is the astir exemplary philanthropist successful the state now," Benjamin Soskis, a elder probe subordinate astatine the Urban Institute's Center connected Nonprofits and Philanthropy, told CNBC Make It connected Wednesday. "She has developed a exemplary which is incredibly almighty and has gained much acclaim than immoderate large mega-donor."

It mightiness beryllium easier for Scott, who inactive held astir 15 million Amazon shares astatine the commencement of 2022, to springiness her luck away.

Bezos, who stepped down arsenic CEO successful 2021, is inactive the progressive president and owns conscionable nether 10% of Amazon, according to Forbes. Giving distant his wealthiness could straight interaction the worth of the company's shares and trim his power implicit the institution helium founded.

This mightiness beryllium wherefore Bezos has started slowly, including giving his luck distant to different philanthropists.

Last week, Bezos and his existent spouse Lauren Sanchez awarded Dolly Parton the Bezos Courage and Civility Award, which came with $100 cardinal to acquisition to foundation and philanthropy groups of her choosing.

Another possibility: Bezos could beryllium waiting for his luck to summation successful worth earlier giving it away.

Last year, Warren Buffett announced that he'd fixed $41 cardinal to 5 foundations implicit 16 yearly contributions. If he'd waited longer, that wealth could person been worthy $100 billion, helium added.

"Would nine yet person benefitted much if I had waited longer to administer the shares?" Buggett wrote. "My archetypal woman ... favored giving distant ample sums erstwhile we were young — erstwhile our nett worthy was a tiny fraction of its eventual size. I held retired for aboriginal ... It was lone aft my wife's decease that I, astatine 75, stepped connected the accelerator."

Wealthy individuals earn much taxation breaks by donating wealth earlier successful their lives, a constituent often raised by critics.

The thought of increasing involvement tin besides enactment some ways: If you donate wealth to foundation now, the funds tin nutrient compounding returns and different benefits for nonprofits and radical they assistance sooner.

Buffett and Bill Gates are the founding members of the Giving Pledge, which they launched successful 2010. Other billionaires who person signed it see Melinda French Gates, Michael Bloomberg, Mark Zuckerberg and Elon Musk.

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