The Washington Post Jeff Bezos philanthropy Anna Wintour newsroom layoffs Lauren Sánchez Met Gala Metropolitan Museum Costume Institute media funding

Jeff Bezos owns The Washington Post and, alongside his wife Lauren Sanchez, serves as an honorary co-chair of the 2024 Met Gala. The event, held Monday evening, cost Bezos an estimated $30 million—including $10 to $20 million for co-chairmanship and $1 million per month for Sanchez’s wardrobe to meet Anna Wintour’s standards.

The Met Gala funds the Metropolitan Museum of Art’s Costume Institute, which houses 33,000 historical fashion objects. While the institute doesn’t align with the author’s philanthropic priorities, it has been self-sustaining since 2016. A New York Times report by Vanessa Friedman revealed the institute’s endowment now totals $116 million, generated from $166.5 million raised over the past decade. Annual operating costs of $5 million are fully covered by a 5% endowment draw, yielding $5.8 million yearly.

In contrast, The Washington Post lost $100 million last year and laid off one-third of its newsroom. Bezos has stated the Post is not a philanthropic endeavor but must be self-sustaining. Yet, with no path to profitability, the Post’s societal role—holding governments accountable—remains critical. Claire Parker, the Post’s Cairo bureau chief and the author’s stepdaughter, was among those laid off before explaining the paper’s vital function in a January op-ed.

The Met Gala’s necessity is questionable. Its endowment already ensures the Costume Institute’s future, yet canceling the event is unthinkable due to demand from elites. The author proposes repurposing the gala to fund The Washington Post instead.

Source: The New Republic
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