Copyright timesnownews
Billionaire philanthropist, author and ex-wife of Amazon founder Jeff Bezos, MacKenzie Scott, known for her charitable giving, has donated one of the biggest amounts in the 158-year history of Howard University. She donated $80 million to the University, highlighting her commitment to advancing diversity, equity, and inclusion (DEI) in higher education, according to The Times of India report. Howard University announced the donation over the weekend as Scott continues a high-profile wave of giving donations to education and social-impact organisations. Scott has a net worth of roughly $35.6 billion, according to The Wall Street Journal. A Timely Boost For The HBCU Howard officials say the unrestricted $80 million gift arrives at a pivotal moment. Of that, $63 million will go toward the university’s general operations, while $17 million will strengthen its College of Medicine, added the report “This historic investment will not only help maintain our current momentum, but will help support essential student aid, advance infrastructure improvements, and build a reserve fund to further sustain operational continuity, student success, academic excellence, and research innovation,” said Wayne A.I. Frederick, Howard’s interim president and president emeritus, claims the report. The donation comes as the federal government shutdown, which began on October 1, has stalled new Department of Education grants and delayed appropriations critical to Howard’s programs and hospital operations. As per the report, nearly 95 per cent of non-student aid staff have been furloughed, making Scott’s contribution particularly timely. A Continued Focus On Equity And Access Scott’s donation to Howard follows several major gifts aimed at promoting college access for underrepresented students. Recently, she donated $42 million to 10,000 Degrees, a Bay Area nonprofit that helps low-income and minority students enter and complete college. She has also funded Native student scholarship programs and contributed to the United Negro College Fund (UNCF) to support historically Black colleges and universities (HBCUs), added the report. Shifting Wealth And Expanding Philanthropy Scott’s philanthropic streak aligns with a significant reshaping of her financial holdings. Recent filings with the Securities and Exchange Commission (SEC), first reported by Bloomberg, show she reduced her Amazon stake by $12.6 billion, cutting her holdings by nearly 42 per cent to 81.1 million shares. Even as Amazon’s share price has more than doubled since her 2019 divorce from Bezos, Scott has steadily increased her donations. She has so far donated approximately $19 billion to more than 2,000 nonprofits and remains committed to giving away most of her wealth.
