PanaTimes

Friday, Feb 03, 2023

Jeff Bezos reveals what he's going to do with his £110,000,000,000 fortune

Jeff Bezos reveals what he's going to do with his £110,000,000,000 fortune

Amazon founder Jeff Bezos will end up giving away most of his massive fortune.

The tech mogul, who now runs private space company Blue Origin, is the fourth richest man in the world after Elon Musk.

According to CNN, he plans to give away most of his £110 billion ($124 billion) fortune.

The billionaire has always avoided questions about what he will do with his money, but told the American news channel he will give most of it away during his lifetime.

The bulk of his wealth will go to fighting climate change and, the report says, supporting people who can unify humanity in the face of deep social and political divisions.

Many people have queried why Bezos hasn’t signed up to the Giving Pledge – a promise made by extremely wealthy people (like Bill Gates and Warren Buffet) to give away their cash.

Instead, it seems like Bezos wants to go it alone.


Jeff Bezos alongside his partner Lauren Sanchez

Speaking alongside his partner Lauren Sánchez, Bezos explained the couple is ‘building the capacity to be able to give away this money.’

Asked directly by CNN’s Chloe Melas whether he intends to donate the majority of his wealth within his lifetime, Bezos replied: ‘Yeah, I do.’

However, he stopped short of giving concrete details, percentages or timescales for his generosity.

‘The hard part is figuring out how to do it in a levered way,’ he said.

‘It’s not easy. Building Amazon was not easy. It took a lot of hard work, a bunch of very smart teammates, hard-working teammates, and I’m finding — and I think Lauren is finding the same thing — that charity, philanthropy, is very similar.’

‘There are a bunch of ways that I think you could do ineffective things, too,’ he added.

‘So you have to think about it carefully and you have to have brilliant people on the team.’


Jeff Bezos’ wealth


Jeff Bezos became a billionaire just a few years after launching Amazon as an online bookstore in 1994. In 1998, he had a net worth of $1.6 billion.

His wealth hit eleven figures in 2010, reaching £12.6 billion according to Forbes, before quickly multiplying.

Bezos became the richest person in the world in 2017, 23 years after he founded Amazon as an online bookstore in 1994.

Bezos’ wealth is largely tied to Amazon


His net worth hit a mammoth $160 billion in 2018, before falling back to $114 billion in 2019. At this point, Bezos was still the richest person in the world.

But he was finally overtaken by SpaceX founder Elon Musk two years later.

Much of his wealth is tied to Amazon’s share price. Even after leaving the company, he remains its highest individual shareholder.

Newsletter

Related Articles

PanaTimes
Close
0:00
0:00
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
House Speaker Kevin McCarthy said he will block Reps. Adam Schiff and Eric Swalwell from serving on the House Intelligence Committee
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Yellen hints at ‘national security’ probe into Twitter purchase
×