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Billionaire MacKenzie Scott provides for five East Tennessee associations

Billionaire and American novelist MacKenzie Scott gave to five East Tennessee associations as a feature of a push to rearrange her wealth to economically disadvantaged individuals this year.

“This pandemic has been a wrecking ball in the lives of Americans already struggling,” Scott wrote on Medium, where she announced her $4.2 billion donation to 384 organizations.

Scott donated to Second Harvest Food Banks of East Tennessee and Northeast Tennessee, Goodwill Industries of Knoxville, United Way of Greater Knoxville and the YWCA of Knoxville and the Tennessee Valley.

“Economic losses and health outcomes alike have been worse for women, for people of color, and for people living in poverty. Meanwhile, it has substantially increased the wealth of billionaires,” wrote Scott, who became the richest woman in the world after her divorce settlement with Jeff Bezos.

Bezos, who claims Amazon, has been the object of public scrutiny for hoarding wealth despite economic inequality.

Scott has parted with almost $6 billion this year.

As the police killings of George Floyd and Breonna Taylor started national discussions over racial injustice this summer, Scott parted with $1.7 billion to assorted associations, including historically black colleges and universities.

On Wednesday, Scott declared the $4.2 billion in extra endowments to associations throughout the most recent four months.

Scott said she requested a group from counselors to help her “accelerate” her giving through “immediate support to people suffering the economic effects of the crisis.”

The group used information to distinguish associations with strong leadership and results working in communities with high projected food insecurity, high measures of racial disparity, high local poverty rates and low access to philanthropic capital.

“Because our research is data-driven and rigorous, our giving process can be human and soft.”

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MacKenzie Scott has become the richest woman in the world

MacKenzie Scott — philanthropist, author and ex-wife of Amazon (AMZN) CEO Jeff Bezos — is currently the wealthiest woman in the world.

Scott’s net worth is currently $68 billion, impelling her past L’Oréal heiress Francoise Bettencourt Meyers, as per Bloomberg’s Billionaire index.

Scott got a fourth of Bezos’ Amazon shares in the couple’s divorce settlement in 2019. That likened to a 4% stake that was worth more than $35 billion at that point.

She is currently the 12th wealthiest person in the world.

In July, Scott reported that she had just donated almost $1.7 billion to 116 associations that included four historically Black colleges and universities. She portrayed the associations as concentrating on one of nine “areas of need” extending from racial equity to climate change.

A year ago, Scott likewise signed onto the Giving Pledge activity, established by Warren Buffett and Bill and Melinda Gates. The activity supports the world’s richest individuals to dedicate a larger part of their riches to charitable causes.

Bezos, the world’s richest man, hasn’t signed the promise, as indicated by a list of signatories.

Amazon’s stock bounced generally 28% throughout the last three months, and is up over 90% so far this year, as per information from Refinitiv. The take off in shares expanded the wealth of Bezos to over $200 billion.

Scott’s knock up in riches follows a surge in tech stock increases, which has prompted other billionaire ranking shake ups at the top.

Not long ago, Elon Musk outperformed Mark Zuckerberg to become the third richest person in the world. Tesla saw a 12% stock increase after Tesla’s 5-1 stock split on Monday.

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MacKenzie Scott, previously Bezos, says she has parted with $1.7 billion of her fortune up until now

MacKenzie Scott, previously MacKenzie Bezos, has just donated about $1.7 billion of her fortune to a variety of associations and causes subsequent to swearing a year ago to part with the majority of it during her lifetime.

Scott on Tuesday gave a report on that exertion in a post on Medium and furthermore declared that she has changed her last name to the middle name she grew up with, following her divorce from Amazon (AMZN) CEO Jeff Bezos a year ago.

Scott got a fourth of Bezos’ Amazon shares in the couple’s divorce settlement a year ago, giving her a 4% stake that was worth more than $35 billion at that point. Her net worth is at present estimated to be around $60 billion, as indicated by the Bloomberg Billionaire’s Index.

“Like many, I watched the first half of 2020 with a mixture of heartbreak and horror,” Scott wrote. “What fills me with hope is the thought of what will come if each of us reflects on what we can offer.”

The $1.7 billion donation was spread across 116 associations concentrated on one of nine “areas of need,” she included, including racial equity, LGBTQ+ equity, functional democracy and environmental change. Among the associations she supported are the NAACP Legal Defense and Education Fund, the Obama Foundation, the George W. Bush Presidential Center, RAINN and the European Climate Foundation.

Scott signed on to the Giving Pledge activity a year ago. The activity, propelled by Warren Buffett and Bill and Melinda Gates, empowers the world’s richest individuals to commit a greater part of their riches to charitable missions, either during their lifetimes or in their wills.

Bezos, the world’s richest man, has previously been scrutinized for not contributing a greater amount of his riches to philanthropy, yet has given billions of dollars lately to causes including environmental change and food banks. He has not signed the Giving Pledge.

Scott’s declaration comes a day prior Bezos is set to testify in Congress close by the CEOs of Facebook (FB), Google (GOOGL) and Apple (AAPL) to address allegations that their organizations are excessively predominant or have hurt competition.