Economy

MacKenzie Scott gifts over $4b of her Amazon fortune to coronavirus relief

MacKenzie Scott gifts over $4b of her Amazon fortune to coronavirus relief”

Scott has donated almost $6 billion this year alone.

MacKenzie Scott has made her second large philanthropic gift of the year, giving more than $4 billion to 384 organizations as part of her pledge to give away the majority of her wealth. "With this investment and continued generosity of our community, together we can end hunger".

In a blog on Medium, Scott explained that after her last post in July, she had been working with a team of non-profit advisors with diverse backgrounds to help her find and assess organizations which have a major impact on a variety of causes. More than 40 food banks received money, as did nearly four dozen local affiliates of Goodwill Industries International. Amid the stock market's pandemic boom, those shares would now be worth about $62 billion, though it's not clear how much of the fortune she has sold.

Ms Scott said she enlisted a team of advisors that helped identify 384 organisations across the USA that support people suffering from the economic toll of the pandemic.

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"Some are filling basic needs: food banks, emergency relief funds, and support services for those most vulnerable", she wrote. In a blog post, Scott said some of the money was also used to address inequities that had been exacerbated by the coronavirus crisis, including debt relief, employment training and education. Morgan State University, a historically Black university in Baltimore, said it had received $40 million.

"We looked at 6,490 organizations, and undertook deeper research into 822", she wrote.

Scott noted that she was "far from completing" her giving pledge, and urged others to follow her lead in whatever way they could: time, a voice or money.

Chuck Collins, Director of the Program on Inequality and the Common Good at the Institute for Policy Studies, wrote at CommonDreams while Scott is a newcomer on the billionaire giving scene, she is doing it better than others in her cohort. "But she's now made two bold moves, putting to shame the other 650 USA billionaires who haven't figured out comparable ways to boldly share", he writes.



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