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Amazon's Jeff Bezos unveils $2B philanthropic fund

Amazon's Jeff Bezos unveils $2B philanthropic fund

On Thursday, the founder and CEO of Amazon announced the creation of the Bezos Day One Fund, an initiative to create a network of free Montessori-based, preschools in under-resourced neighborhoods and to support groups benefiting homeless families.

Earlier this year, Bezos asked his Twitter followers for ideas about how to give away his money.

Meanwhile, the "Day 1 Academies Fund" will start an organization to operate a new network of full-scholarship pre-schools for low-income communities.

Amazon CEO Jeff Bezos criticised President Trump's antagonistic approach to the media on Thursday, saying that it is "really risky to demonize the media" because it erodes democracy. "Most important among those will be genuine, intense customer obsession", he tweeted.

At the same dinner, Bezos, who owns the Washington Post, warned that US President Donald Trump's attacks on the media are risky for the country and that his attacks risk eroding protections and social norms important for democracy.

He's previously made donations for health research, science and immigration, according to Inside Philanthropy, including gifts to the Fred Hutchinson Cancer Research Center.

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In the education realm, Bezos is tipping his hat to the intensely private and media-shy Bezos Family Foundation that is run by his parents.

Add to that the rising scrutiny around his lack of involvement in philanthropic causes and his absence from The Giving Pledge - a commitment by the world's wealthiest individuals and families to dedicate a majority of their wealth to charity - which includes all his American peers from Gates to Buffett. "And more commonly people focus on building their career and focus on philanthropy later", David Callahan, founder and editor of Inside Philanthropy, a digital media site covering charitable giving, said in an interview last month.

He cited his work at his space company, Blue Origin, and his investment, estimated now at $1 billion a year, "in the future of our planet and civilization through the development of foundational space infrastructure".

Bezos added: "But it is really unsafe to demonize the media". "It's also the social norms that protect us".

In a June 2017 letter published in Forbes, philanthropy adviser Jake Hayman criticised Bezos for focusing on short-term solutions and deciding to seek suggestions on Twitter.

How does Jeff Bezos, the richest person alive, spend his billions? Some activists and politicians have partly blamed the city's problems on Amazon. Since March 2016, Amazon customers have also been able to order items from the Mary's Place's wishlist on the site, such as diapers and socks. In a statement, Amazon called the vote "the right decision for the region's economic prosperity".


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    Amazon's Jeff Bezos unveils $2 billion philanthropic fund

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