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 and also push for accountability for megabillionaires whose companies pay no taxes.

True

$200 billion of COVID-19 recovery funding is being used to bail out fossil fuel companies. These mayors are combatting this and instead investing in green jobs and a just recovery.

Learn more on how cities are taking action: c40.org/divest-invest


Sir David Attenborough has one of the most recognized and beloved voices in the world. The British broadcaster and nature historian has spent most of his 94 years on Earth educating humanity about the wonders of the natural world, inspiring multiple generations to care about the planet we all call home.

And now, Attenborough has made a new name for himself. Not only has he joined the cool kids on Instagram, he's broken the record for reaching a million followers in the shortest period. It only took four hours and 44 minutes, which is less time than it took Jennifer Aniston, who held the title before him at 5 hours and 16 minutes.

A day later, Attenborough is sitting at a whopping 3.4 million followers. And he only has two Instagram posts so far, both of them videos. But just watch his first one and you'll see why he's attracted so many fans.

Keep Reading Show less
True

$200 billion of COVID-19 recovery funding is being used to bail out fossil fuel companies. These mayors are combatting this and instead investing in green jobs and a just recovery.

Learn more on how cities are taking action: c40.org/divest-invest


There are very few people who have had quite as memorable a life as Arnold Schwarzenegger. His adult life has played out in four acts, with each one arguably more consequential than the last.

And now Schwarzenegger wants to play a role in helping America, his adopted home, ensure that our 2020 election is safe, secure and available to everyone willing and able to vote.

Shortly after immigrating to America, Schwarzenegger rose up to become the most famous bodybuilder in history, turning what was largely a sideshow attraction into a legitimate sport. He then pivoted to an acting career, becoming Hollywood's highest paid star in a run that spanned three decades.


Keep Reading Show less

One night in 2018, Sheila and Steve Albers took their two youngest sons out to dinner. Their 17-year-old son, John, was in a crabby mood—not an uncommon occurrence for the teen who struggled with mental health issues—so he stayed home.

A half hour later, Sheila's started getting text messages that John wasn't safe. He had posted messages with suicidal ideations on social media and his friends had called the police to check on him. The Albers immediately raced home.

When they got there, they were met with a surreal scene. Their minivan was in the neighbor's yard across the street. John had been shot in the driver's seat six times by a police officer who had arrived to check on him. The officer had fired two shots as the teen slowly backed the van out of the garage, then 11 more after the van spun around backward. But all the officers told the Albers was that John had "passed" and had been shot. They wouldn't find out until the next day who had shot and killed him.

Keep Reading Show less