Jeff Bezos, the world's richest person, is launching a $2 billion fund to help homeless families and create a network of non-profit preschools in low-income communities.
Jeff Bezos, Chairman and CEO of Amazon, speaks at the George W. Bush Presidential Center's Forum on Leadership in Dallas, Texas, U.S., April 20, 2018.
The Bezos Day One Fund will issue annual awards to organizations that are doing "compassionate, needle-moving work" to shelter and support the immediate needs of young families, the billionaire announced in a blog post Thursday.
There will also be full scholarships for Montessori-inspired preschools in "underserved" communities, he said. Earlier this year, the company partnered with the Seattle nonprofit Mary's Place to build a permanent homeless shelter in its headquarters.
Along with running Amazon the tech mogul owns space exploration company Blue Origin and the Washington Post newspaper.
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The private non-profit foundation in its 2016 tax filing reported almost $46 million United States in assets, and giving away $30 million USA in grants support its missions in early education, K-12 schools reform and youth leadership development and scholarships.
The Bezos cash injection follows the philanthropic efforts of other billionaires including Microsoft's Bill Gates, who has donated tens of billions to his foundation. As per the current Giving Pledge signatory, Bezos is not participating. An Amazon.com Inc. spokeswoman said the $2 billion will all come from Bezos.
The Amazon chief's wealth has become problematic for some.
The fight soured many more locals on Amazon and Bezos, and also overshadowed the growing portfolio of philanthropy they had done in the city. His net worth has risen by $64.7 billion this year alone as Amazon's shares have surged.
Some analysts have suggested Amazon could face antitrust scrutiny over its growing power in the economy, and President Donald Trump has accused the company of taking advantage of the Postal Service, despite studies suggesting the internet giant's deal has been beneficial to the USA government postal operator.