Billionaire philanthropist MacKenzie Scott has offloaded 42% of her Amazon (Nasdaq:AMZN) holdings, or 58 million shares, over the past year, worth over $13.5 billion (£9.8 billion), considering current stock trading levels. The latest figures mark Scott's largest share reduction since her divorce from Amazon founder Jeff Bezos in 2019.
A regulatory filing with the US Securities and Exchange Commission showed that Scott held 81.1 million Amazon shares as of 30th September, down from 139.1 million shares a year earlier.
Her philanthropic approach is notable for its speed and simplicity. Scott offers unrestricted grants to small and mid-sized nonprofit organisations, allowing them to utilise the funds as they see fit.
'Generosity is generative. Sharing makes more,' she had stated in 2021. 'Each unique expression of generosity will have value far beyond what we can imagine or live to see.'
More recently, Scott has been aggressively donating her wealth to higher education institutions focused on Historically Black Colleges and Universities (HBCUs) and nonprofits that enable access to higher education and prioritise affordability for underserved students.
A Glance at Scott's Latest Donations
In just one month, Scott has donated over $300 million (£225.8 million) to multiple universities and higher education scholarship organisations, with the latest gift being a $38 million (£28.6 million) donation to Alabama State University, an HBCU, this week.
Last week, Scott donated $38 million to the University of Maryland Eastern Shore, which is the largest single gift in the university's history. She had already donated $20 million (£15 million) to the institution at the start of the decade. According to the institution, it plans to use the funds for need-based scholarships, emergency grants for students, interdisciplinary research, as well as student success support.
Morgan State University, the country's third-largest HBCU, announced in mid-October that it received a massive $63 million (£47.4 million) unrestricted gift from Scott. In 2020, she donated $40 million (£30.1 million) to the university. The latest funds will be used to enhance support for student success and drive initiatives that improve the university's role as an anchor institution in Baltimore.
Scott also made a $10 million (£7.5 million) unrestricted donation to the George M. Pullman Educational Foundation in October. The nonprofit is dedicated to advancing access to higher education for Cook County students. It said the gift would go into its endowment to fund the Pullman Scholars programme.
Earlier this month, California-based nonprofit 10,000 Degrees announced a $42 million (£31.6 million) gift from Scott that will enable it to expand support for low-income students attending college. The nonprofit is among the top college success organisations in the US, offering scholarships and related support to over 16,000 students and alumni annually.
In September, Scott gifted a whopping $70 million (£52.7 million) to the United Negro College Fund (UNCF). The donation will be invested in the UNCF Members Pooled Endowment Fund, designed to bolster the long-term financial health of its 37 member institutions.
The Native Forward Scholars Fund also announced a $50 million (£37.6 million) gift from Scott this fall, marking her second major gift to the fund. In 2020, Scott donated $20 million (£15 million) to the biggest direct provider of college scholarships for Native students.
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