MacKenzie Scott's $700M Gift: A Game-Changing Philanthropic Effort for Historically Black Colleges

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MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, has made headlines with her remarkable donation campaign, contributing $700 million to 'historically black colleges' and organizations advocating for increased access to higher education and affordability for students of color. The 55-year-old philanthropist has been actively engaged in this endeavor since late September, donating to at least 15 Historically Black Colleges and Universities, as well as nonprofit organizations. Her efforts have earned her the nickname 'Saint MacKenzie Scott' from Michael Lomax, President and CEO of the United Negro College Fund, following her 'transformational' $70 million donation to his organization. Scott's approach to philanthropy is redefining the way people think about giving, not just in the United States but globally, according to Lomax. The philanthropist, who received approximately $38 billion in the divorce settlement with Bezos, has expressed on her website, Yield Giving, that voting is not the only way to demonstrate what we wish to see more of in our communities. Her latest donations include $63 million to Prairie View A&M University in Texas, $50 million to Bowie State University in Maryland, and $19 million to Philander Smith University in Arkansas. Bowie State President Dr. Aminta H. Breaux described Scott's generosity as arriving at a pivotal moment in the institution's 160-year history. Since mid-October, Scott has provided Morgan State University, an HBCU in Maryland, with a $63 million unrestricted gift, the largest in its history. This is her second significant contribution to the institution within a span of less than five years, following a $40 million donation in 2020. Her average donation to the various schools, ranging from Alabama to Virginia, amounts to $47 million. Scott's net worth is estimated to exceed $33 billion, acquired primarily through her divorce settlement in 2019, during which she obtained a four percent share in Amazon. Since then, she has committed to the Giving Pledge, promising to donate at least half of her wealth throughout her lifetime.