Amazon chief executive officer Jeff Bezos announced on Monday that he has set up the Bezos Earth Fund.
He revealed that his initiative would aid in countering the detrimental impacts of climate change on the world.
Based on the report posted online by Bloomberg, the news outlet delivering the latest markets and business updates, analysis, video, and data, Bezos used Instagram to convey details regarding his new charity.
In a single post on the famous photo and video-sharing social media platform, the Internet entrepreneur pledged to become one of the most charitable benefactors in history.
But Jeff Bezos did not indicate a time frame for his donation reportedly amounting to $10 billion.
The Bezos Earth Fund is a commitment viewed as one of the largest on record, as per the information that the Chronicle of Philanthropy compiled.
The philanthropic initiative of the world’s richest person comes second to the $36-billion pledge of billionaire business magnate Warren Buffett.
The latter made his contribution to the Bill and Melinda Gates Foundation in 2006.
Furthermore, the Bezos Earth Fund is behind the $16-billion donation of Helen Walton to the Walton Family Foundation in 2007.
Wealth analysts believe that Jeff Bezos would need to increase his philanthropic contributions. In this manner, he would be able to catch up with the Bill and Melinda Gates Foundation.
This charity is the largest private foundation in the world. As of the culmination of 2018, the Gates couple’s endowment has been recorded as worth $47 billion.
Donations that the Gates family and Buffett gave reportedly helped in the achievement of this amount.
Based on the figures from the Bloomberg Billionaires Index, Bezos would remain as the most affluent person in the world.
He is merely ahead of Gates with a $120.5 billion fortune. This fact is regardless if the full value of his present to the Bezos Earth Fund was deducted from his fortune right away.
In the initial seven weeks of this year, he has already amassed $15.6 billion to his wealth.
These figures are roughly $325 million per day added to his fortune, which makes it a suitable time for the Amazon chief to donate.
In 2017, Jeff Bezos shared his views on Twitter. In his tweet, he asked his followers how he could best utilize his fortune to aid people at that time.
The Twitter post of the 56-year-old Albuquerque, New Mexico-born investor set a hysteria of replies.
That social media message of Bezos garnered over 46,000 responses from every part of the globe.
In 2018, Jeff Bezos pledged $2 billion for initiatives that help in the alleviation of homelessness.
He also donated such considerable monetary contribution to develop the state of education.
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