Amazon founder Jeff Bezos said that he plans to give away most of his wealth during his lifetime to causes such as climate change and humanity projects, but withheld from divulging specific details.
“The hard part is figuring out how to do it in a leveraged way,” Bezos said during a recent CNN interview. “It’s not easy. Building Amazon was not easy. It took a lot of hard work, a bunch of very smart teammates. I’m finding—and I think Lauren is finding the same thing—that philanthropy is very similar. It’s not easy. It’s really hard. And there are a bunch of ways that I think you could do ineffective things, too. So we’re building the capacity to be able to give away this money.”
According to Forbes, Bezos, 58, is the second richest person on the planet, with $171 billion, trailing Elon Musk with a net worth of $219 billion. The 2022 Billionaires Net Worth list was updated in May. Since then, Bezos has lost nearly 30 percent of his net worth, and currently has $121.9 billion.
Based on the Bloomberg Billionaires Index, Bezos comes in at number 4, with $124 billion, after Musk, fashion mogul Bernard Arnault, and Gautam Adani, India’s newest richest man.
Bezos, who lives in Medina, Washington, now owns a bit less than 10 percent of Amazon. He stepped down as CEO last year to become executive chairman of the e-commerce giant. Bezos transferred a quarter of his shares in Amazon—then 16 percent—to his wife after divorcing her in 2019.
Presently, Bezos owns The Washington Post and spaceflight company Blue Origin. In 2021, Amazon registered revenues of $470 billion.
On US Recession
When asked about the possibility of an economic recession, Bezos said, “I don’t know whether we’re technically in recession. Economists argue over that, and they have certain technical definitions,” adding that, “the economy does not look great right now,” as he cited layoffs and a slowing down of growth.“If we’re not in a recession right now, we’re likely to be in one very soon. So, my advice to people, whether they are small-business owners … is take some risk off the table. If you were going to make a purchase, maybe slow down that purchase a little bit. Keep some dry powder on hand, and wait.”
“If you’re an individual, and you’re thinking about buying a large-screen TV, maybe slow that down. Keep that cash, see what happens. Same thing with a refrigerator or a new car. Just take some risk off the table.”
When asked how long he thinks the recession could last, Bezos said, “I don’t think even the most experienced economist in the world can answer that question. It’s a very challenging thing to try and estimate, but I think you just need to try and be reasonable about it. Take as much risk off the table as you can for yourself. Hope for the best, prepare for the worst.”
