Amazon CEO Jeff Bezos launches a $2 bln philanthropic fund
Amazon CEO Jeff Bezos launches a $2 bln philanthropic fund
Sources News reports and announcements
14 September, 2018, 17:31
Amazon CEO Jeff Bezosannounced the launch of a new $2 billion charitable fund Thursday, focused on fighting homelessness and providing quality education.
Within this, the "Day 1 Families Fund" will support existing non-profit organizations that offer shelter and food to young homeless families.
The fund will also launch a network of "full scholarship" preschools based in underserved communities.
The Bezos gift is one of the biggest single donations ever announced for preschools, if not the biggest, said Avo Makdessian, director of the Silicon Valley Community Foundation's Centre for Early Learning.
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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 will build an organization to directly operate these preschools", Bezos said.
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The private non-profit foundation in its 2016 tax filing reported almost $46 million USA in assets, and giving away $30 million United States in grants support its missions in early education, K-12 schools reform and youth leadership development and scholarships.
However, he has recently said he is looking to use his wealth for philanthropy, following in the footsteps of Bill Gates and Mark Zuckerberg.
He has also been criticized for not contributing his fortune to philanthropy like other billionaires have, including Microsoft founder Bill Gates and Berkshire Hathaway's Warren Buffett.
Bezos's wealth has allowed him to pay for side ventures, including starting space exploration company Blue Origin and buying the Washington Post newspaper.
Bezos solicited ideas on Twitter previous year for ways to donate some of his wealth.
The comments appeared to be the first direct, public rebuke of Mr Trump by Mr Bezos, a frequent target of attacks by the President.
He said he did not know how much money he would eventually give away. The Washington Post's top editor has said that Bezos has no involvement in its news coverage. Some activists and politicians have partly blamed the city's problems on Amazon.
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Last year Bezos solicited advice from the public via Twitter, asking how he could best use his wealth to help people "right now". The fund will also launch a network of "full scholarship" preschools based in underserved communities.
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