Amazon CEO Jeff Bezos Announces $2 Billion Fund to Help Homeless Families

14 September, 2018, 04:00 | Author: Sherry Houston
  • Amazon chief Jeff Bezos gives $2bn to help the homeless

Bezos asked for suggestions for philanthropic focuses in a tweet past year.

On Twitter, he posted a screenshot of an announcement pledging to donate $2 billion to fund "existing non-profits that help homeless families, and [create] a network of new, non-profit, tier-one preschools in low-income communities". Going by Wednesday's closing price of $1,990 per share, Bezos will need to gift about 1 million shares of Amazon stock to meet the $2 billion commitment, Forbes reports, adding that he would be left with some 78 million shares of the company he founded. "September is Childhood Cancer Awareness month", he wrote in an Instagram post shared about 10 hours ago, explaining that every year, Amazon ties up with the American Childhood Cancer Organisation to raise awareness of childhood cancer, which is the second leading cause of death for kids in the U.S. between ages 4 and 14.

The new philanthropic effort is called the Bezos Day One Fund, a nod to the executive's management philosophy that organizations must view every day with the fervor of a new start, or face stagnation and decline. We'll use the same set of principles that have driven Amazon.

The fund will also seek to launch and operate "a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities", he wrote.

Bezos made the announcement Thursday in a tweet and a post on his Instagram account.

Elizabeth Smart upset her kidnapper to be freed
Barzee's federal sentence should run concurrently with her state sentence and therefore the Board had miscalculated the end of Ms. At that time, the board did not credit Barzee's sentence in the Utah system with time served in the federal system.

Amazon has a history of supporting homeless programs in Seattle.

Bezos had previously been critiqued for not making his philanthropic mark like other billionaires, including Warren Buffett and Bill Gates.

Bezos and his wife MacKenzie Bezos sit on the board of the Bezos Family Foundation, run by his parents.

Bezos has yet to sign the Giving Pledge, an initiative launched by Gates encouraging billionaires to commit to giving away most of their wealth. When Seattle passed a tax in May on large companies to fight the city's growing homelessness crisis, Amazon balked and even temporarily halted construction planning on a new high-rise building near its headquarters.

Last year, he donated $33 million to fund scholarship for "dreamers", the name given to undocumented children of immigrants who face legal obstacles in attending college or university.

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