Billionaire philanthropist MacKenzie Scott has been criticized by Tesla CEO Elon Musk over her charitable donations, highlighting growing tensions in the billionaire philanthropy community.
Scott has donated over $19 billion to more than 2,450 nonprofits since 2019 through her Yield Giving organization. Her donations have focused on issues like racial equity, social justice, and LGBTQ+ rights. Musk’s criticism comes after he commented that Scott’s donations are “concerning,” sparking a response from Scott who announced an additional $640 million in donations.
Scott has recently made a shift toward mission-aligned investments, selling 11% of her Amazon holdings valued at over $8 billion. This move signals her intention to focus on investments that align with her values rather than traditional portfolio management.
Other billionaires, including Melinda French Gates, have weighed in on the debate. French Gates supports Scott’s approach but criticizes other tech billionaires for prioritizing public influence over charitable giving. The debate raises questions about the role of billionaire philanthropy and its impact on society.
Source: https://finance.yahoo.com/news/elon-musk-calls-jeff-bezos-224312828.html