One of the country’s most prominent philanthropists released an update on her giving, but didn’t say how much money she’s given out or who received it.
But in her latest letter, Scott, whose current net worth is estimated at $59.2 billion, omitted details and said she hoped media coverage would focus on broadening society’s definition of philanthropy. “How much or how little money changes hands doesn’t make it philanthropy,” Scott wrote. “Intention and effort make it philanthropy. If we acknowledge what it all has in common, there will be more of it.
“We tend to give more focus to things we can tally, and to rank everything else,” Scott wrote. “Why does one form of compassionate action, one group of beneficiaries, one group of givers have to be more important than the others? Financially valuable versus socially valuable.” Scott’s latest update is “absolutely remarkable,” and also “inspiring and problematic,” said philanthropy scholar Ben Soskis, senior research associate at the Center on Nonprofits and Philanthropy at the Urban Institute, a Washington, D.C.-based think tank.
Scott is also an example of a new breed of philanthropists who set their own terms for disclosing how they disburse their billions. While traditional grantmaking foundations are required to report their grants to the public, individual mega-donors such as Scott, her ex-husband Jeff Bezos, and Twitter TWTR, +2.83% co-founder Jack Dorsey don’t use foundations to do their giving, which means they can choose when and how to reveal their charitable spending.
It is her money. She has the say.
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