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MacKenzie Scott has built a reputation for her generosity, reportedly donating roughly $7.2 billion in 2025 alone — including well over $1 billion to Historically Black Colleges and Universities (HBCUs). Despite her significant contributions and ongoing philanthropic work, Scott’s name was notably absent from the Chronicle of Philanthropy’s latest ranking of top donors. According to the International Business Times (IBM), limited public disclosure around her philanthropy played a key role in her omission. Scott, her representatives, and Yield Giving — the organization that oversees her donations — declined to provide sufficient information about donor-advised funds to meet the publication’s inclusion criteria, the outlet notes. “MacKenzie Scott is among the notable absences on the Philanthropy 50 list,” The Chronicle said, per IBM. “While it is possible she made gifts to her donor-advised funds that would have earned her a spot on the Philanthropy 50, she and her representatives...
Amazon founder Jeff Bezos is disputing claims surrounding the controversial “buy, borrow, die” tax strategy often associated with ultrawealthy investors and founders seeking to minimize taxes. During an interview on CNBC on Wednesday, May 20, 2026, Bezos called the strategy a myth. “There’s no truth to this ‘buy, borrow, die’ thing,” Bezos said. “I don’t even know where this comes from.” What Is The ‘Buy, Borrow, Die’ Tax Strategy? A 2019 study by economists Emmanuel Saez and Gabriel Zucman found that, for the first time in modern history, the wealthiest Americans may be paying a lower effective tax rate than middle- and working-class households, AFROTECH™ previously reported. In 2018, the study noted the average effective tax rate paid by the top 400 richest U.S. families was reportedly 23%, compared with 24.2% paid by the bottom half of households. The strategy “Buy, borrow, die” refers to a wealth-preservation tactic that allows wealthy individuals to avoid triggering capital...
Data centers continue to use public water supplies without authorization, leaving residents in water-stressed communities to bear the consequences. During the first week of May, two separate data center developments were found using restricted public water sources in areas already struggling with limited water availability, Fortune reports. Residents were the first to notice the problem and alert regulators, reporting issues such as low water pressure in Fayette County, Georgia, and dust suppression efforts in Tucson, Arizona. Data Center Water Disputes Emerge in Georgia and Arizona In the Annelise Park subdivision in Fayette County, GA, residents began noticing declining water pressure last year, per Fortune. An investigation by county utilities uncovered two industrial-scale water connections serving Project Excalibur, a 615-acre data center campus owned by Blackstone and developed by Quality Technology Services (QTS). County officials notified QTS in May 2025 that one meter had...
Amazon has shared its plans for its Mississippi data center operations. According to a press release, the big tech company said it intends to invest $25 billion in the state, which will also support the creation of 2,000 high-skilled roles in its data centers. These facilities support advanced cloud computing that powers health care systems and supports farmers, among other areas. In Madison County, where Amazon plans to invest an additional $11 billion, more than 75 Mississippi companies are employing construction workers, electricians, and operational staff. “Amazon isn’t just reinvesting in Mississippi — the company is once again betting on our people. $25 billion in two years is providing Mississippians with high-tech, high-paying opportunities, strengthening our communities, and showing the world that our state is open for business,” Governor Tate Reeves said in the news release. “This is what transformational economic growth looks like, and it’s happening right here, right...
Amazon has agreed to settle a class action lawsuit regarding its data centers in Eastern Oregon. According to Rolling Stone, in partnership with the Food & Environment Reporting Network, the lawsuit centered on the Lower Umatilla Basin, where up to 45,000 residents rely on groundwater for drinking water in Morrow County and surrounding areas. The water has been examined by Oregon’s Department of Environmental Quality, with samples being collected since 1991. That collection has shown a steady increase in nitrates, which can negatively impact newborns and put people at risk for cancer, the outlet noted. The increase occurred before Amazon’s data centers arrived, primarily from chemical fertilizer runoff at nearby mega farms and food processing plants . However, data centers have significantly accelerated the increase due to the amount of water used to cool server equipment, moving the nitrates into the groundwater at a higher rate, per Rolling Stone. The lawsuit claims “that millions...
MacKenzie Scott is continuing her support of Historically Black Colleges and Universities (HBCUs) with the donation of $42 million to Elizabeth City State University (ECSU). ECSU Chancellor S. Keith Hargrove Sr. announced the gift on Friday, March 13, 2026, during the university’s Founders Day Convocation, which marked 135 years since its founding in 1891. The institution has long been committed to expanding access and opportunity through its mission to educate, empower, and elevate, according to a press release. “I want to express our deepest gratitude to MacKenzie Scott for this remarkable act of generosity and for her recognition of the critical role that HBCUs play in expanding opportunity and strengthening communities,” Hargrove said in a statement. “Her investment affirms what we already know: that institutions like ECSU are powerful catalysts for change.” How MacKenzie Scott’s $42M Gift Will Benefit ECSU The gift marks the largest per-student donation among HBCUs in Scott’s...
Amazon’s latest round of layoffs is affecting its robotics unit, according to Business Insider. Layoffs Explained It is not clear how many individuals were laid off in the unit, but a spokesperson confirmed it was a “relatively small number of robotics roles,” per Business Insider. Amazon Robotics VP Scott Dresser stated the layoffs were “difficult” yet “necessary.” The layoffs also do not reflect the company’s commitment to robotics. It remains a “strategic priority,” he told the outlet. A spokesperson told Business Insider that Amazon will continue to “hire and invest in strategic areas.” “We regularly review our organizations to make sure teams are best set up to innovate and deliver for our customers,” the spokesperson continued, according to Business Insider. “We don’t make these decisions lightly, and we’re committed to supporting employees whose roles are affected with severance pay, health insurance benefits, and job placement support.” This layoff follows Amazon’s...
Amazon.com Inc. , the e-commerce giant founded by Jeff Bezos in 1994, has surpassed Walmart Inc. to become the world’s largest company by revenue, Bloomberg reports . Amazon’s growth stems from a shift in consumer spending from brick-and-mortar stores to online shopping, as well as the rapid expansion of its cloud-computing division, Amazon Web Services (AWS), the outlet notes. For the 12 months ending Dec. 31, 2025, Amazon reported sales of $717 billion, while Walmart reported $713.2 billion in sales for its fiscal year ending Jan. 31, 2026. Walmart had held the top spot by revenue for more than 10 years. With most of their revenue coming from the United States, the two retail titans continue to compete closely for consumer dollars. Amazon is the world’s largest online retailer with 2.7 billion visits each month to its website and mobile apps globally, per Bloomberg. Walmart remains the world’s largest physical retailer, operating over 10,000 stores and shopping clubs worldwide,...
Amazon will close its Amazon Fresh and Amazon Go locations, converting some into Whole Foods Market stores. In a blog post published on Tuesday, Jan. 27, 2026, the tech giant said the move reflects a shift in how Americans shop for groceries, with many turning to online delivery. “While we’ve seen encouraging signals in our Amazon-branded physical grocery stores, we haven’t yet created a truly distinctive customer experience with the right economic model needed for large-scale expansion. After a careful evaluation of the business and how we can best serve customers, we’ve made the difficult decision to close our Amazon Go and Amazon Fresh physical stores,” Amazon said in the post. “We’re grateful to our team members for their many contributions over the years and are working whenever possible to help them find roles elsewhere in Amazon, including across our vast operations network, as we make this transition,” the company added. According to The Los Angeles Times, 57 Amazon Fresh...
Some Amazon Prime members can now file a claim in a multi-billion-dollar settlement. Lawsuit Explained As AFROTECH™ previously told you, Amazon was sued by the Federal Trade Commission (FTC) in 2023. The FTC alleged that Amazon enrolled millions of consumers in Prime subscriptions without their knowledge and made it difficult for them to cancel . The agency also alleged that Amazon obtained consumer billing information without clearly disclosing the material terms of the Prime membership , according to the settlement. The FTC said Amazon violated the Restore Online Shoppers’ Confidence Act. Amazon Prime Refund FTC Settlement The lawsuit was settled in September 2025 for $2.5 billion, which includes a $1 billion civil penalty and $1.5 billion in refunds to nearly 35 million customers, per an FTC news release. The settlement also requires Amazon to end the challenged Prime enrollment and cancellation practices. Amazon has not admitted any wrongdoing. “Today, the Trump-Vance FTC made...
Amazon has launched a slate of initiatives to ensure learners are equipped with artificial intelligence (AI) training. During a session at CES 2026 titled “ Next-Gen Skills: Preparing Students for Tomorrow’s Tech, ” Ben Moskovich, senior manager of public policy at Amazon Web Services, shared that Amazon aims to train 4 million learners in AI and ensure that 10,000 educators are equipped with curricula by 2028. This goal is supported by $30 million in AWS promotional credits and an additional $1.5 million in cash prizes awarded to students who are victorious in the Presidential AI Challenge, a press release confirms. Presidential AI Challenge The Presidential AI Challenge is geared toward K-12 youth, educators, mentors, and community teams who are leveraging AI for real-world solutions, according to the White House. People of all backgrounds are encouraged to engage with the program and showcase their work nationally. The challenge stems from an executive order signed by President...
Amazon employees are pushing back against the company’s AI-heavy pivot, accusing leadership of prioritizing AI investments over climate commitments and the human workforce. Thousands have signed an open letter to CEO Andy Jassy and senior leadership. The letter, published last week, has drawn more than 1,000 signatures from Amazon employees — who can sign anonymously while listing their roles — and over 2,000 people outside the company. “We, the undersigned Amazon employees, have serious concerns about this aggressive rollout during the global rise of authoritarianism and our most important years to reverse the climate crisis. We believe that the all-costs-justified, warp-speed approach to AI development will do staggering damage to democracy, to our jobs, and to the earth,” the letter states. “We’re the workers who develop, train, and use AI, so we have a responsibility to intervene.” In the letter, employees accused Amazon of “casting aside its climate goals to build AI,” noting...
Amazon CEO Andy Jassy addressed the company’s recent layoffs during its quarterly earnings call on Oct. 30, saying the decision to cut 14,000 corporate positions was based on cultural factors rather than financial or AI-related reasons, Fortune reports. “The announcement that we made a few days ago was not really financially driven, and it’s not even really AI-driven, not right now at least,” he said during the call. “It’s culture.” The Amazon layoffs, which largely affected middle management, followed a June 2025 memo, according to a previous Fortune report. In it, Jassy said that advancements in AI have increased efficiency across the company. In a separate internal communication, Beth Galetti, Amazon’s senior vice president of people experience and technology, described the restructuring as an effort to adjust to the “transformative technology” of AI. Amazon’s workforce has grown significantly in recent years. The company currently employs about 1.55 million people worldwide,...
Netflix’s Board of Directors has approved a 10-for-1 stock split, the company announced in a news release on Thursday, Oct. 30, 2025. Shareholders of record at the close of trading on Monday, Nov. 10, 2025, will receive nine additional shares for each share held, effective after the close on Friday, Nov. 14, 2025. Trading on a split-adjusted basis is expected to begin Monday, Nov. 17, 2025. Netflix said the split aims to “reset the market price of the Company’s common stock to a range that will be more accessible” for employees with stock options . Netflix shares rose by 2% in after-hours trading following the 10-for-1 stock split announcement, Business Insider reports . The stock closed Thursday at $1,089, up 42% over the past year, and is one of only 10 S&P 500 stocks trading above $1,000, reports CNBC. Thursday’s 10-for-1 split marks Netflix’s third split-stock decision, following a 2-for-1 split in 2004 and a 7-for-1 split in 2015, per Yahoo! Finance. What Is A Stock Split?...
United Parcel Service (UPS) began the year with nearly half a million employees but has since cut about 48,000 jobs in a major cost-cutting push to boost profits, remain competitive, and regain investor confidence. In its third-quarter earnings report released Tuesday, Oct. 28, 2025, the Atlanta -based logistics giant said it had reduced its operational workforce by roughly 34,000 positions through its Network Reconfiguration and Efficiency Reimagined program. The company eliminated another 14,000 roles, primarily in management, under its Fit to Serve initiative, which began last year to “right-size” operations and build a more efficient, market-responsive business model. “I want to extend my gratitude to all UPSers for their dedication and steadfast commitment to serving our customers,” CEO Carol Tomé said in a statement. “We are executing the most significant strategic shift in our company’s history, and the changes we are implementing are designed to deliver long-term value for...