Following a relentless philanthropic initiative that successfully distributed $26 billion to hundreds of organizations, a visibly exhausted MacKenzie Scott confirmed on Thursday that her multi-year effort to become poorer has ended in devastating failure.
Despite writing massive, no-strings-attached checks to non-profits at an unprecedented pace, Scott’s remaining Amazon shares have stubbornly surged, leaving her trapped beneath an insurmountable $35 billion fortune. Wealth managers close to the philanthropist described the situation as a crushing setback for a woman who simply wanted to see a lower balance on her monthly brokerage statements.
We were deploying capital as fast as humanly possible, but every time we pushed a billion dollars out the door, the market rallied and dumped a billion and a half right back into her lap. It is incredibly demoralizing to give away twenty-six billion dollars and realize you still made a profit.
Scott’s team reportedly attempted to accelerate the right-sizing of her fortune by identifying increasingly niche charities, only to find their efforts entirely wiped out by Amazon's strong fourth-quarter print. Analysts noted that in order to actually make a dent in her principal, Scott would need to distribute capital faster than the S&P 500 can compound it, a logistical hurdle her current family office is not staffed to clear.
In a final, desperate bid to successfully rid herself of the unwanted liquidity, Scott is reportedly considering abandoning the non-profit sector entirely and purchasing a controlling stake in a digital media startup.