financetom
News
financetom
/
News
/
‘Nobody’s heard anything at all’: Jeff Bezos promised $100 million after Maui wildfire but locals are mystified about where it’s going
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
‘Nobody’s heard anything at all’: Jeff Bezos promised $100 million after Maui wildfire but locals are mystified about where it’s going
Jan 18, 2024 6:49 PM

  Jeff Bezos, the billionaire founder of Amazon.com Inc., has pledged $100 million to help rebuild Maui after its devastating wildfires in August. Bezos and his fiancée Lauren Sanchez have already donated $15.5 million through the Bezos Maui Fund, but the recipient organizations have not been named. This lack of transparency is not unique to this donation; Bezos has a history of making philanthropic promises with few specifics. His ex-wife, MacKenzie Scott, on the other hand, has donated over $16.5 billion since their divorce in 2019 and shares a list of recipients on her website.

  While it is not legally required for donors to disclose where their money is going, Benjamin Soskis, a senior research associate at the Urban Institute’s Center on Nonprofits and Philanthropy, argues that Bezos has received the benefits of public attention and thus should provide more information. A spokesperson for Bezos stated that the remaining $84.5 million pledged to help Maui "will be distributed in the coming years as the continuing needs reveal themselves."

  Bezos has a pattern of keeping his future giving vague as well. He stated in a 2022 interview with CNN that he planned to give away the majority of his then-$124 billion fortune during his lifetime, but did not specify potential recipients or a timeline. He has since added over $52 billion to his net worth.

  Despite Bezos and Sanchez's pledge being the most significant commitment to help Maui, it is unclear when and where the promised money has been distributed. Local officials and nonprofits on the island have expressed disappointment in the lack of information and collaboration. Oprah Winfrey, Dwayne "The Rock" Johnson, and MacKenzie Scott are among other wealthy residents who have promised to chip in. The People's Fund of Maui, started by Winfrey and Johnson, has distributed about $40 million directly to more than 8,100 people. Scott also donated $5 million to the Hawaii Community Foundation.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Dollar parks at two-week highs ahead of Fed decisions
Dollar parks at two-week highs ahead of Fed decisions
May 1, 2024
The dollar rose in European trade on Wednesday against a basket of major rivals, extending gains for the second day and scaling a two-week high, as US 10-year treasury yields advanced, in turn boosting the greenback. Investors await a batch of crucial US data later today, which will set up fresh pricing for US interest rate cuts this year. The...
Franc is best performing major currency after Swiss data
Franc is best performing major currency after Swiss data
May 2, 2024
Swiss Franc rallied in European trade on Thursday, extending gains for the second straight day against the dollar away from seven-month lows and becoming the best performing major currency following Swiss inflation data. The data reignited inflationary pressures on the Swiss National Bank, which might force the central bank to hold off easing policies. The Price USD/CHF fell 0.7% today...
US Dollar, Yields Receive Bullish Boost Ahead of FOMC Meeting
US Dollar, Yields Receive Bullish Boost Ahead of FOMC Meeting
May 1, 2024
US Dollar (DXY) Analysis Rising price pressures and employment costs elevate USD and yields ahead of FOMCUS dollar index tests key upside level but markets may be in for disappointmentMajor risk events ahead: FOMC, ISM PMI, ADP and JOLTs data, NFP on FridayGet your hands on the U.S. dollar Q2 outlook today for exclusive insights into key market catalysts that...
Kiwi plumbs two-week trough after disappointing labor data
Kiwi plumbs two-week trough after disappointing labor data
May 1, 2024
The New Zealand dollar fell in Asian trade on Wednesday against a basket of major rivals, sharpening losses for the second session against the US counterpart and plumbing two-week lows following negative labor data. The data reduced the pressures on Reserve Bank of New Zealands policymakers and boosted the odds of interest rate cuts this year. The Price The NZD/USD...
Copyright 2023-2026 - www.financetom.com All Rights Reserved