Pledged to “save the world” one day, Jeff Bezos sold $2 billion of Amazon shares to fulfill the next day.
The $2 billion pledge
During his time in Glasgow at the COP26 climate summit, Jeff Bezos sold $2 billion worth of Amazon shares. The sale was part of his pledge at the summit on restoring nature and transforming food systems.
This amount will be transferred to his Bezos Earth fund for implementation allocation.
“We must conserve what we still have, restore what we’ve lost, and grow what we need to live. Without degrading the planet for future generations to come,” the billionaire shared in his speech.
The sale barely does any difference to Bezos’ total assets. Currently, according to Forbes’ Real-time Billionaire list, Mr. Bezos is worth $201.6B, chasing after the tech billionaire Elon Musk, who is worth $282.4B.
Within the framework of the COP26, Prince Charles played an important role in convincing Jeff Bezos to invest in the effort to green Africa.
This is Jeff Bezos’ billion-dollar effort to support the implementation of the Great Green Wall project, which aims to plant 20 million trees across the width of Africa and prevent desertification.
“We all know this is the decade of decision, but if we don’t act, it will turn into a decade of hesitation,” Bezos told leaders at COP26. “We can’t let that happen, consider us allies in this important mission.”
Other details concerning the Bezos Earth Fund
Source: Good News Network
In addition, Bezos also pledged $10 billion to pour into the Bezos Earth Fund to help fighting climate change’s adverse impacts.
The Bezos Earth Fund began planning to provide grants as early as summer 2020, but there are few details about the fund at the moment. So it remains unclear how and when these subsidies will be accepted.
Mr. Bezos’ Instagram post last year said the money would be used to help scientists, environmentalists, NGOs and “any other effort for possible solutions” to help protect the earth against the effects of climate change.
A source at The Verge said that the fund will not engage in private investment, but will focus entirely on humanitarian purposes.
This shows that Mr. Bezos’ way of participating in the fight against climate change is also different compared to Microsoft founder Bill Gates.
In 2016, Bill Gates and other investors created a $1 billion climate fund dedicated to supporting startups whose products can solve energy’s toughest technological challenges in clean energy.
According to U.S. Securities and Exchange Commission filings, Bezos sold 608,450 Amazon shares. Thus, this year alone, the Amazon founder sold $8.8 billion worth of shares.
Since taking Amazon public in 1998, the founder has sold some $29 billion of its stock, decreasing his stake from 42% to 10% between 1997 and present.
In 2020 alone, Bezos unloaded $10 billion worth of Amazon shares.
In July, Bezos resigned from the executive position at Amazon but retained his chairman position.
From that moment, the billionaire has turned to his rocket company, Blue Origin as well as announcing several philanthropic gifts. In September, Bezos pledged $1 billion on conservation efforts.
Amazon stock has doubled its worth since 2019, rising by 6% since Jan 2021.
In his latest statement, Bezos wants to dedicate $1 billion to support natural recovery, starting with concentrating on Africa and America’s first. He would allocate the remaining to deal with food system and agriculture.
Amazon shares are up 3.9% this year after rising 76% last year as people increasingly rely on online shopping during the pandemic.