Current:Home > MarketsOliver James Montgomery-MacKenzie Scott, billionaire philanthropist and Amazon co-founder, donates $640 million to hundreds of nonprofits -Wealth Pursuit Network
Oliver James Montgomery-MacKenzie Scott, billionaire philanthropist and Amazon co-founder, donates $640 million to hundreds of nonprofits
Burley Garcia View
Date:2025-04-09 00:16:16
Billionaire philanthropist and Amazon co-founder MacKenzie Scott announced Tuesday that she has donated another $640 million of her fortune to hundreds of nonprofit organizations.
Scott has already given billions to charity, but she changed her approach slightly for this most recent round of donations. For the first time, she set up an open call for nonprofits to directly apply for a gift through her organization, Yield Giving. In the past, her organization had participated in "quiet research," which involved privately and anonymously finding deserving organizations and secretly contacting them.
The open call had over 6,000 applicants, from which 361 organizations from 38 states, Washington D.C. and Puerto Rico were selected "for their outstanding work advancing the voices and opportunities of individuals and families of meager or modest means, and groups who have met with discrimination and other systemic obstacles," Scott said in a statement.
Yield Giving had originally planned to grant $1 million in gifts to 250 organizations when the initiative was announced last year. But, because of the impressive applications they got, evaluators decided to expand the awardee pool and how much they would receive: 279 organizations were gifted $2 million each, while 82 others were given $1 million each, Yield Giving said.
"The Open Call awardees are all making positive change in their communities by reducing disparities in economic outcomes, education, health, and other critical issues," the organization said.
Scott is the fourth-richest woman in the world with a net worth of just under around $35 billion, according to Forbes. After her divorce from Jeff Bezos in 2019, Scott received a 4% stake in the company, boosting her wealth and personal net worth. She signed the Giving Pledge that year, committing the majority of her wealth to society.
Last year, the philanthropist donated over $2 billion to 360 organizations, saying in a brief post on Yield Giving's website that she was "inspired by all the ways people work together to offer each other goodwill and support."
Many of the causes Scott focuses her donations on are often related to education, the arts, public health and diversity. A few awardees of the open call include ACLU of Alabama, Black Girl Ventures, GLBTQ Legal Advocates and Defenders, and Ser Familia.
Simrin SinghSimrin Singh is a social media producer and trending content writer for CBS News.
veryGood! (8733)
Related
- Bill Belichick's salary at North Carolina: School releases football coach's contract details
- No, Alicia Keys' brother didn't date Emma Watson. 'Claim to Fame' castoff Cole sets record straight.
- Jason Aldean's controversial Try That In A Small Town reaches No. 2 on music charts
- Ian Tyson, half of the folk duo Ian & Sylvia, has died at age 89
- Retirement planning: 3 crucial moves everyone should make before 2025
- High-income retirement savers may have to pay tax now on catch-up contributions. Eventually.
- Interest Rates: Will the Federal Reserve pause, hike, then pause again?
- Could sharks make good hurricane hunters? Why scientists say they can help with forecasts
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- We've got a complicated appreciation for 'Roald Dahl's Matilda The Musical'
Ranking
- Tree trimmer dead after getting caught in wood chipper at Florida town hall
- Katie Ledecky wins gold in 1,500m freestyle at World Aquatics Championships
- Her work as a pioneering animator was lost to history — until now
- 2022 was a big year for ballet books: Here are 5 to check out
- What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
- Arkansas Treasurer Mark Lowery leaving office in September after strokes
- Man who killed three people in small South Dakota town sentenced to life in prison
- 2 women hikers die in heat in Nevada state park
Recommendation
New Mexico governor seeks funding to recycle fracking water, expand preschool, treat mental health
UPS reaches tentative contract with 340,000 unionized workers, potentially dodging calamitous strike
Kyle Richards Sets the Record Straight on Why She Wasn't Wearing Mauricio Umansky Wedding Ring
Author Susan Kuklin: These teens wanted to let other kids know 'they are not alone'
Hackers hit Rhode Island benefits system in major cyberattack. Personal data could be released soon
Browns owners Jimmy and Dee Haslam commit to 'northeastern Ohio', but not lakefront
15 binge-worthy podcasts to check out before 2023
What to know about the Hunter Biden investigations