Jeff Bezos says he will give away most of his fortune

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Category: Business

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Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. philanthropy / fɪˈlæn θrə pi / (n.) – the practice of helping a lot of people in need, especially by giving them money
    Example:

    Billionaires engaged in philanthropy are funding different charities and organizations.


  2. formidable / ˈfɔr mɪ də bəl / (adj.) – inspiring fear or respect because of one’s power or capability
    Example:

    She’s a formidable chess player who has beaten several world champions.


  3. shower (someone) with (something) / ˈʃaʊ ər wɪθ / (idiom) – to give someone a lot of something
    Example:

    Her dad showers her with gifts every time she tops her class.


  4. devote (something) to (something) / dɪˈvoʊt tu / (phrasal v.) – to use most of one’s time, energy, and other resources to do something
    Example:

    He devoted his life to finding a cure for diabetes.


  5. commentator / ˈkɒm ənˌteɪ tər / (n.) – someone who talks about and gives remarks on important events or people on television, radio, etc.
    Example:

    He was chosen to be the commentator for the games this weekend.


Article

Read the text below.

Amazon founder Jeff Bezos said he will give away the majority of his wealth during his lifetime, becoming the latest billionaire to pledge to donate much of his vast fortune.


Bezos, whose “real-time” worth Forbes magazine estimates at roughly $124.1 billion, made the announcement in a joint CNN interview with his girlfriend Lauren Sanchez that was released on November 14. The billionaire didn’t specify how – or to whom – he will give away the money, but said the couple were building the “capacity” to do it.


“The hard part is figuring out how to do it in a levered way,” Bezos said during the interview. “It’s not easy. Building Amazon was not easy. It took a lot of hard work and very smart teammates. And I’m finding – and Lauren’s finding – that philanthropy is very similar. It’s not easy. It’s really hard.”


Bezos had been criticized in the past for not signing the Giving Pledge, the campaign launched by Bill Gates, Melinda French Gates and Warren Buffet to encourage billionaires to donate the majority of their wealth through philanthropy.


His ex-wife McKenzie Scott signed that pledge in 2019 and has since emerged as a formidable force in the world of philanthropy, showering charities throughout the country with unexpected – and often secretive – contributions. In the past three years, she’s given more than $12 billion to historically Black colleges and universities, women’s rights groups and other nonprofits.


Bezos, who divorced from Scott in 2019, stepped down as Amazon CEO last year to devote more time to philanthropy and other projects. Among other donations, he’s pledged $10 billion to fight climate change as part of his Bezos Earth Fund initiative. Last year, he gave $510.7 million to charity, according to The Chronicle of Philanthropy.


Bezos and Sanchez announced they will give a no-strings-attached $100 million grant to singer Dolly Parton, who’s been praised for her philanthropic work that helped create the Moderna vaccine for COVID-19. Bezos had given a similar grant to chef José Andrés and CNN commentator Van Jones last year.


This article was provided by The Associated Press.


Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • According to Bezos, philanthropy is very similar to building a really successful company. Why do you think he said this? Discuss.
  • What do you think could’ve led to Bezos’s decision to give away most of his fortune (ex. pressure from the public, other billionaires’ example)? Discuss.

Discussion B

  • The Giving Pledge campaign was launched to encourage billionaires to donate the majority of their wealth through philanthropy. In your opinion, should all billionaires sign this pledge? Why or why not? Discuss.
  • If you were one of the signatories of the Giving Pledge campaign, what organizations or charities would you like to benefit from your philanthropy? Why? Discuss.