Jeff Bezos, Amazon founder, launches $2 billion charitable fund to fight poverty

Amazon chief Jeff Bezos gives $2bn to help the homeless

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".

Bezos, with an estimated fortune of more than $160 billion, is now the world's wealthiest man, according to Forbes.

Bezos, the wealthiest person on the planet, whose stake in Amazon is now worth about $160 billion, says he'll call it the Bezos Day One Fund.

The other component, called the "Day 1 Academies Fund", will create "and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities", Bezos said. We'll use the same set of principles that have driven Amazon. "Most important of those will be genuine, intense customer obsession". "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 USA between ages 4 and 14.

Among the world's top tech CEOs, Bezos is not known for his philanthropy.

Research shows 90 per cent of a child's brain development occurs before the age of 5, yet most charitable gifts pegged for education target older children, according to Makdessian.

I want to close be thanking everyone who sent me suggestions, and for the inspiring examples of innovation I see every day, large and small.

It also falls short of the "giving pledge" initiative launched by Gates and billionaire investor Warren Buffett, who have encouraged wealthy individuals to pledge half their fortunes for philanthropy.

He said he did not know how much money he would eventually give away. Amazon's digital assistant Alexa has helped drive its hardware sales and is used on smart devices ranging from cars to refrigerators.

Bezos's personal wealth has soared with the value of Amazon, whose stock price has doubled over the past year with its expansion into new sectors and geographies. Amazon is designating 47,000 square feet of space at its new corporate office for a permanent Mary's Place shelter.

Related:

  • Trump Scolds Reporter for Question About Woodward Book at Hurricane Briefing

    Trump Scolds Reporter for Question About Woodward Book at Hurricane Briefing

    For instance, Woodward writes in Fear , Trump wanted to withdraw from a key trade agreement with South Korea in September 2017. His closing take on the White House: "That people better wake up to what's going on", Woodward told David Martin of CBS.
    Fellow Republicans Disagree With Trump on Puerto Rico

    Fellow Republicans Disagree With Trump on Puerto Rico

    He says, "the victims of Puerto Rico, and the people of Puerto Rico in general, do not deserve to be questioned about their pain". Cruz had earlier described the federal disaster response in the United States territory a "despicable act of neglect".
    Why new MacBooks were a no-show at Apple's iPhone XS event

    Why new MacBooks were a no-show at Apple's iPhone XS event

    Apple has already revealed two new versions of the iPhone this evening - but it went further with a third handset. The iPhone Xs Max , which was designed with the largest battery ever used in an iPhone , will get 1.5 hours more.
  • US Open outburst: Umpires to boycott Serena's matches

    US Open outburst: Umpires to boycott Serena's matches

    Photo/Julio CortezChair umpire Carlos Ramos is led off court after the US Open final, which Serena Williams lost. The umpiring community also had Ramos' back, as they have threatened to boycott Williams' matches .
    Liberia president is 'oldest international' ever — George Weah

    Liberia president is 'oldest international' ever — George Weah

    Liberia's President George Weah laughs during a news conference at the Presidential Palace in Abidjan, Ivory Coast, April 4, 2018. Henry Onyekuru and Simeon Nwanko were on target for the Super Eagles before Liberia pulled a goal back courtesy of Kpah Sherman .

    'It Wants to Get Stronger': NOAA Hurricane Hunter Flies into Florence

    Utility officials have warned that widespread power outages are likely and that it could take weeks to restore electricity. A state of emergency has also been declared in Maryland, North Carolina, South Carolina , Virginia and Washington.
  • Trump urges precautions ahead of 'very bad' Hurricane Florence

    Trump urges precautions ahead of 'very bad' Hurricane Florence

    SC governor Henry McMaster also suspended his campaign and asked President Donald Trump for a federal emergency declaration. NOAA's latest "probable" models see the center of the storm at the North Carolina coast at 2 a.m.
    Sue Bird and the Seattle Storm Win 2018 WNBA Championship

    Sue Bird and the Seattle Storm Win 2018 WNBA Championship

    Celebrate Sue Bird , Breanna Stewart and all of Seattle with this licensed championship t-shirt. But it was also a coming out party for Stewart, the league MVP , who delivered time and again.
    Jeff Fager Leaving CBS Amid Sexual Misconduct Accusations

    Jeff Fager Leaving CBS Amid Sexual Misconduct Accusations

    He said he didn't think one note would have resulted in a dismissal after 36 years at the network, "but it did". If you ever watched CBS between 1975 and 1995, the name Linda Bloodworth Thomason should be familiar.
  • Hurricane Florence's winds and rain begin lashing US Carolinas coast

    Hurricane Florence's winds and rain begin lashing US Carolinas coast

    A high definition camera outside the International Space Station captured a NASA view of Hurricane Florence on September 12, 2018. Overnight, Isaac began to fall apart as it encountered increasing atmospheric winds that help shred storms and neared dry air.
    Philippines: 10 million people in the path of Mangkhut

    Philippines: 10 million people in the path of Mangkhut

    Filipino residents in Bacoor city, south of Manila, ride on a makeshift raft on a river ahead of impending super typhoon Mangkhut. The typhoon, expected to be closer to south China by the weekend, will bring heavy rains and storm surges on its trail.
    Death Toll Rises To 32 In Nangarhar Explosion

    Death Toll Rises To 32 In Nangarhar Explosion

    The violence follows recent diplomatic efforts to end the lengthy war between the Afghan government and the Taliban. There has been speculation the two sides will meet again this month.

Comments

Other news