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I'm Teddy Schleifer.

No interview today, but we have something a little different, an argument.

In 2020, America's billionaires gave away more money than ever.

Last February, Jeff Bezos pledged $10 billion to fight climate change.

Mackenzie Scott, his ex-wife, gave almost $5 billion to hundreds of nonprofits, and Jack

Dorsey, the founder of Twitter, set aside $1 billion worth of his own stock to fund the

response to COVID.

It used to be rare for billionaires to commit to giving more than $1 billion at a time,

but in 2020, there were actually five of these jumbo-sized donations.

That's according to the Chronicle for Philanthropy, which in its annual study found that the 50 biggest

donors gave $25 billion away in 2020.

But while billionaires may have been more generous in 2020 than ever before, the way they gave

their money away has become less and less transparent.

And that matters for democracy.

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