Amazon's Jeff Bezos to start $2 billion charitable fund

14 September, 2018, 17:32 | Author: Billie Castillo
  • Here’s why the world’s richest man Jeff Bezos wore pajamas to a board meeting

Amazon founder and CEO Jeff Bezos says he is giving $2 billion U.S. to start a fund that will open preschools in low-income neighbourhoods and give money to non-profits that helps homeless families.

Bezos said the Day 1 Family Fund would issue grants every year to groups and organizations that provide shelter and food to young families in need. There will also be full scholarships for Montessori-inspired preschools in "underserved" communities, he said.

Jeff Bezos, the founder and CEO of Amazon, just made a long-awaited announcement about what philanthropic causes would benefit from his enormous fortune - which has doubled in one year and is now estimated at more than $160 billion.

These terms of endearment are all things Trump has said about the news media, most of which came out via his Twitter account.

Bezos owns the Washington Post, which, along with Amazon have been targets of Trump criticisms. We will build an organization to directly operate these preschools.

Facebook's Mark Zuckerberg has pledged to donate 99% of his shares in the social media giant to an organisation focused on public good.

Got $1,100? Apple shows off its most expensive iPhone yet
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Some 184 of the world's wealthiest individuals and families, including Tesla's Elon Musk and the co-founders of Airbnb have joined The Giving Pledge, a commitment started by Gates and Buffett to give away at least half their wealth.

Bezos said he and Marty Baron, the Post's editor, remind journalists that despite the commander-in-chief's attacks on the media, the paper isn't at war with the Trump administration.

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.

Geek Wire reports that as part of Childhood Cancer Awareness month, Amazon has also rolled out a specially branded Prime Air jet and made charitable donations to two institutions working toward better awareness of childhood cancer.

Despite his concerns with Mr Trump, Mr Bezos said that he was not overly concerned about the future of the news media.

In a tweet last June, Bezos asked the public for ideas about where he should give his money. "What the president should say is, 'This is right, I'm glad I'm being scrutinised.' That would be so secure and confident". While his and Amazon investors' wealth increases-and the company's market capitalization approaches $1 trillion-what makes the business so efficient is that relies on automation and low-priced labor.

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