Jeff Bezos has hired a veteran executive from Amazon (AMZN) to run his $10 billion climate and biodiversity initiative called the “Earth Fund.”
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Tom Taylor, who previously ran Amazon’s Alexa voice assistant unit, will serve as the new president and CEO of the Earth Fund that was created by Bezos. Taylor retired from Amazon in 2022 after 23 years at the e-commerce giant. Bezos is, of course, the founder and former CEO of Amazon and has worked closely with Taylor in the past.
“I am thrilled to join the Bezos Earth Fund and lead with the bold mandate to invent our way out of Earth’s environmental challenges with a combination of long-term thinking, technical curiosity, and excellent execution,” wrote Taylor on social media.
Fighting Climate Change
Bezos launched the Earth Fund in 2020 to fight the effects of climate change by issuing grants to scientists, activists, and organizations that are working to “preserve and protect the natural world.” To date, the fund has distributed $2.3 billion in grants. The fund aims to disburse all of its capital by 2030.
Bezos has spent more time on the Earth Fund since stepping down as CEO of Amazon in 2021, although he remains the company’s board chair. Bezos has, in recent years, donated Amazon shares to the fund and some of his other philanthropic projects. Taylor replaces Andrew Steer, the former head of an environmental think tank, who stepped down as the Earth Fund’s CEO in February of this year.
AMZN stock has gained 3% this year.
Is AMZN Stock a Buy?
AMZN stock has a consensus Strong Buy rating among 45 Wall Street analysts. That rating is based on 44 Buy and one Hold recommendations assigned in the last three months. The average Amazon price target of $251.03 implies 10.90% upside from current levels.
