In an Instagram post, Bezos announced that he would donate around 7.7 percent of his net worth to a new initiative that will fund individuals and groups researching and fighting climate change
Photo: MANDEL NGAN/AFP via Getty Images As two billionaires leverage their obscene personal wealth to purchase a shot at the Democratic nomination, Amazon CEO Jeff Bezos announced on Monday that he would allocate $10 billion, or about 7.7 percent of his net worth, to the Bezos Earth Fund to address the effects of climate change.
Bezos has a short record of philanthropic giving: In 2018 he debuted the Day One Fund for establishing “a network of new, non-profit, tier-one preschools in low-income communities” and boosting funding for nonprofits serving the homeless. However, Amazon was also a major force in killing a 2018 bill in its home city of Seattle that would have created a $275-per-employee tax on businesses to fund affordable housing.
Despite the good intentions and hefty sum announced on Monday, critics have been skeptical of Bezos’s multiple plans to personally shape the near future of the human experience. As The Atlantic’s Franklin Foer noted last year in his expansive Bezos write-around, allocating such power in the wallet of one American in exchange for two-day shipping may not be a sound tradeoff:
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