+
Planet

Amazon is donating $690,000 to Australia's fire recovery. Does Jeff Bezos owe the world more?

Amazon is donating $690,000 to Australia's fire recovery. Does Jeff Bezos owe the world more?

Amazon founder and CEO Jeff Bezos (a.k.a. The Wealthiest Man to Ever Walk the Earth) has announced that his company (a.k.a. the Most Valuable Company to Ever Exist) will contribute $1 million Australian dollars in aid to Australia to assist with the country's bushfire recovery efforts. In U.S. dollars, that's approximately $690,000.

For sure, $690,000 is not a small amount of money, and every donation counts. But the announcement from Bezos has people expressing their not-so-charitable feelings about the mega rich man and his mega valuable company. And when you calculate what kind of an effect $690,000 has on Amazon's bottom line, it's not hard to see why.


We're about to get into some unreal numbers here, so it's worth doing a bit of a "How Much Is a Billion" review. Most of us don't have a good grasp on how much a billion is.



So now that we understand how bonkers a billion dollars is, how many billions is Amazon worth? Valuing a company isn't a straightforward endeavor, so estimates vary. Some market cap valuations have put Amazon's worth at $1 trillion. (That's a thousand billions, $1,000,000,000,000 if you really want to see the zeroes.) A much more conservative estimate puts the company's true net worth at less than a fifth of that, at $160 billion.

RELATED: The Truth Behind Amazon's Success? It's Kinda Evil.

Just for funsies, let's take a look at the math for both Amazon value extremes and compare it to the average American's charitable giving.

If Amazon is valued at $1 trillion, a donation of $690,000 would be .000069% of the company's worth. According to the Federal Reserve, the median net worth for American families is $97,000. So that means for the typical American, a donation equivalent to Amazon's would be less than 7 cents. Now, that's not nothing, right? But is that a donation people would feel good about announcing?

Now let's look at the more conservative estimate of $160 billion. In that case, a $690,000 donation would be .00043% of Amazon's worth. For the typical American household, that's the equivalent of giving…wait for it…42 cents. Again, is that a donation most of us would announce proudly?

Twitter users were quick to point out the relatively tiny donation from the world's most valuable company, especially compared to what several others whose net worths are far lower have donated. For example, the heavy metal group Metallica reportedly donated $750,000. Pop singer Pink has pledged $500,000 (and Bette Midler is matching it).


In turn, other Twitter users chided people for charity shaming, pointing out that Amazon didn't have to give anything, but did. And it's true. Giving is voluntary. (It's also true that charitable giving is a way for rich people to pay less in taxes, so giving isn't always about altruism.) But it's also all relative. For a person making minimum wage, even a few dollars is a huge sacrifice. Relative to total wealth, Amazon's donation is the sacrificial equivalent of a few coins of pocket change for most of us.

The debate boils down to whether or not someone with gargantuan amounts of extra money has some kind of obligation to society to share the wealth with those in need. And if so, how much of that wealth is a reasonable amount to expect? (For an interesting look at how much billionaires give compared to their wealth, check out this article.)

The guy who originally posted the Bezos story pointed out that if everyone on Twitter donated $2, they could beat Bezos' donation, but that suggestion seems to miss—or perhaps reinforce—the point. A $2 donation for the typical American would be the equivalent of more than $3 million for Amazon.

Good effort at rallying the 99.9%, though, man. But perhaps people can give their $2 andalso push for accountability for megabillionaires whose companies pay no taxes.

All illustrations are provided by Soosh and used with permission.

I have plenty of space.

This article originally appeared on 04.09.16


It's hard to truly describe the amazing bond between dads and their daughters.

Being a dad is an amazing job no matter the gender of the tiny humans we're raising. But there's something unique about the bond between fathers and daughters.

Most dads know what it's like to struggle with braiding hair, but we also know that bonding time provides immense value to our daughters. In fact, studies have shown that women with actively involved fathers are more confident and more successful in school and business.

Keep ReadingShow less
Identity

This blind chef wore a body cam to show how she prepares dazzling dishes.

How do blind people cook? This "Masterchef" winner leans into her senses.

Image pulled from YouTube video.

Christine Ha competes on "Masterchef."

This article originally appeared on 05.26.17


There is one question chef Christine Ha fields more than any other.

But it's got nothing to do with being a "Masterchef" champion, New York Times bestselling author, and acclaimed TV host and cooking instructor.

The question: "How do you cook while blind?"

Keep ReadingShow less
The Prince Charles Cinema/Youtube

Brendan Fraser dressed as Rick O'Connell.

Brendan Fraser might be making the greatest career comeback ever, racking up accolades and award nominations for his dramatic, transformative role in “The Whale." But the OG Fraser fans (the ones who watch “Doom Patrol” solely to hear his voice and proudly pronounce his last name as Fray-zure, for this is the proper pronunciation) have known of his remarkable talent since the 90s, when he embodied the ultimate charming, dashing—and slightly goofball—Hollywood action lead.

Let us not forget his arguably most well known and beloved 90s character—Rick O’Connell from the “Mummy” franchise. Between his quippy one-liners, Indiana Jones-like adventuring skills and fabulous hair, what’s not to like?

During a double feature of “The Mummy” and “The Mummy Returns” in London, moviegoers got the ultimate surprise when who should walk in but Brendan Fraser himself, completely decked out in Rick O’Connell attire. The brown leather jacket. The scarf. Everything.

Keep ReadingShow less

Gordon Ramsay at play... work.

This article originally appeared on 04.22.15


Gordon Ramsay is not exactly known for being nice.

Or patient.

Or nurturing.

On his competition show "Hell's Kitchen," he belittles cooks who can't keep up. If people come to him with their problems, he berates them. If someone is struggling to get something right in the kitchen, he curses them out.

Keep ReadingShow less

This article originally appeared on 01.27.20


From 1940 to 1945, an estimated 1.3 million people were deported to Auschwitz, the largest complex of Nazi concentration camps. More than four out of five of those people—at least 1.1 million people—were murdered there.

On January 27, 1945, Soviet forces liberated the final prisoners from these camps—7,000 people, most of whom were sick or dying. Those of us with a decent public education are familiar with at least a few names of Nazi extermination facilities—Auschwitz, Dachau, Bergen-Belsen—but these are merely a few of the thousands (yes, thousands) of concentration camps, sub camps, and ghettos spread across Europe where Jews and other targets of Hitler's regime were persecuted, tortured, and killed by the millions.

Keep ReadingShow less
Health

What I realized about feminism after my male friend was disgusted by tampons at a party.

"After all these years, my friend has probably forgotten, but I never have."

Photo by Josefin on Unsplash

It’s okay men. You don’t have to be afraid.

This article originally appeared on 08.12.16


Years ago, a friend went to a party, and something bothered him enough to rant to me about it later.

And it bothered me that he was so incensed about it, but I couldn't put my finger on why. It seemed so petty for him to be upset, and even more so for me to be annoyed with him.

Recently, something reminded me of that scenario, and it made more sense. I'll explain.

Keep ReadingShow less