Amazon Founder Jeff Bezos's Fortune Compounding Faster than He Can Donate It
Amazon.com Inc.’s founder and CEO Jeff Bezos, the richest man in modern history, on Thursday stepped up his plans for major philanthropic giving by pledging $2 billion to set up the charitable “Bezos Day One Fund.”
Yet Amazon stock has been rising so fast lately that despite the donation, Bezos’ fortune is on track to end this week even higher than where it began. With Amazon stock at $1952, up $7 Thursday, Bezos’ stake is now valued at nearly $158 billion —about $4 billion more than it was last weekend. His wealth rose about $500 million on Thursday alone.
Bezos, who announced his plans on Twitter, said his new charitable plans include setting up new preschools in low-income communities. The schools will be “high-quality, full-scholarship (and) Montessori-inspired,” he said. “We’ll use the same set of principles that have driven Amazon. The child will be the customer.”
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