Jeff Bezos' ex-wife MacKenzie has donated $1.7 billion of her wealth since their divorce, and taken a new last name

* Last year Jeff Bezos and his wife MacKenzie divorced, leaving her with a fortune of about $36 billion and thirteenth-richest person in the world. * In a blog post on Tuesday MacKenzie announced she has donated $1.7 billion to 116 organizations over the past year. * She has also changed her name to MacKenzie Scott. * Visit Business Insider's homepage for more stories. MacKenzie Scott, ex-wife of Amazon's billionaire chief executive Jeff Bezos, has donated $1.7 billion of her wealth in the past year to causes including racial equality, LGBTQ rights, public health and climate change, she said in a blog post on Tuesday. Scott, who was previously known as MacKenzie Bezos, also announced her new last name, which she said was taken from her middle name. Last year, Scott signed the Giving Pledge in a commitment to donate the majority of her fortune after her split from Bezos — the world's richest man — left her with a 4% stake in Amazon. "Like many, I watched the first half of 2020 with a mixture of heartbreak and horror," she wrote in a post on Medium. "I began work to complete my pledge with the belief that my life had yielded two assets that could be of particular value to others: the money these systems helped deliver to me, and a conviction that people who have experience with inequities are the ones best equipped to design solutions," she added. In her blog post Scott listed a total of 116 organizations which she has donated to. She also broke down how much she has donated to various causes by category, the top three causes Scott donated to were: racial equity ($587 million), economic mobility ($400 millon), and gender equity ($133 million). At the time of the divorce, Scott's Amazon stake was worth about $36 billion. Her fortune has grown to over $60 billion with a jump in Amazon's shares this year. Jeff Bezos' fortune has also skyrocketed, growing by more than $60 billion since the beginning of this year putting his net worth at roughly $178 billion, per Bloomberg's Billionaires Index. Scott made her announcement a day before Jeff Bezos will appear for his first-ever Congressional testimony in front of an antitrust panel, which has been investigating how Amazon has allegedly used its market power to hurt smaller rivals. Join the conversation about this story »
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PayPal parts with top advertising executive after shifting its marketing strategy during the pandemic

* PayPal's chief creative officer Steve Simpson, its top advertising executive, left the company after about a year. * The move came after PayPal shifted its marketing strategy during the coronavirus pandemic, placing less emphasis on the brand and more on catering to small businesses, said a source with direct knowledge of the marketing operation. * Simpson's departure followed that of CMO and former Apple executive Allison Johnson in May. Both "decided to leave PayPal" as the company streamlines its global marketing functions, according to a PayPal spokeswoman. * Visit Business Insider's homepage for more stories. PayPal's highest-ranking ad executive Steve Simpson left earlier this month after just over a year as part of a restructuring of its global marketing business. Simpson, who was chief creative officer, was hired to make high-minded ad campaigns to help PayPal stand out from competitors like Square, Stripe, and Apple Pay. But this strategy chan...

TikTok confirms it will sue the US government, alleging Trump failed to provide 'due process' before issuing ban

* TikTok confirmed Saturday that the company planned to sue the US government over President Donald Trump's executive orders targeting the popular app. * A company spokesperson said TikTok experienced "a lack of due process as the administration paid no attention to facts and tried to insert itself into negotiations between private businesses." * TikTok, which has surged in popularity over the past year, was known as Musical.ly until it was purchased by the Chinese company ByteDance in 2017 and renamed. * The president on August 6 and August 14 signed executive orders targeting TikTok. * Visit Business Insider's homepage for more stories. TikTok on Saturday announced it plans to sue the US government over President Donald Trump's executive orders pertaining to its ownership, arguing the company was deprived of its due process rights. The president, who began targeting TikTok in July, issued an executive order August 6 making it illegal for American compani...

A pair of former champions headline UFC Fight Night: Munhoz vs Edgar — How to watch

* UFC Fight Night: Munhoz vs Edgar will be streamed live on August 22, exclusively through the ESPN+ streaming service. * In the main event, former UFC Lightweight champion Frankie Edgar will make his debut in the bantamweight division in the 27th match of his UFC career. * With 13 career wins by knockout or submission, 5th ranked Pedro Munhoz is the former Resurrection Fighting Alliance bantamweight champion and one of the UFC division's most formidible fighters. * Prelims are set to start at 6 p.m. ET and the main card is scheduled to begin at 8:30 p.m. ET. * Every UFC Fight Night event is included with an ESPN+ subscription, which costs $6.99 per month or $49.99 per year. Product Card Module: Monthly Subscription Service Card size: small Former UFC lightweight champion Frankie Edgar will make his bantamweight debut against #5 ranked Pedro Munhoz in the main event of UFC Fight Night: Munhoz vs Edgar on August 22. Munhoz has dominated opponents in his 18 career wins...

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