Bezos Vows To Give Away Much of His Fortune While Amazon Plans To Cut 10,000 Employees
While Jeff Bezos, Amazon founder and formerly the world’s richest person, was vowing to give away much of his $124 billion fortune to causes like the climate crisis and uniting humankind, his company is reportedly preparing to lay off as many as 10,000 employees right at the beginning of the holiday shopping season.
News about the two events surfaced on Monday, with Bezos doing an interview with CNN to talk about his plans for charity and how the billionaire wants to bring “a little bit of light, a little bit of amplification to these people who use unity instead of conflict.”
Bezos gave the $100 million Courage and Civility award to singer and philanthropist Dolly Parton, who is known for backing the development of the Moderna vaccine against COVID-19, to donate to her chosen causes.
While it’s great Bezos, who refused to sign the Giving Pledge, is finally ramping up his philanthropy, many of his critics have pointed out that he should be giving just as much attention to pay and workplace conditions for Amazon employees around the world.
The job cuts, which will reportedly begin as early as this week, will affect employees in its devices organization, retail division, and human resources. If implemented as reported, it will be the biggest mass layoff if Amazon’s history. The number represents 3% of its corporate employees and less than 1% of the company’s global workforce.
Meanwhile, Bezos shares that the hard part about giving away his money is “figuring out how to do it in a levered way — it is not easy,” the billionaire said. “Building Amazon was not easy. It took a lot of hard work and a bunch of very smart teammates. Philanthropy is very similar. It is really hard and there are a bunch of ways you can do ineffective things, too. We are building the capacity to be able to give away this money.”
Information for this briefing was found via CNN, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.