The Amazon founder, the world's wealthiest person, said Thursday on Twitter that he would commit $2 billion to fund existing nonprofits working to help homeless families and create a network of nonprofit preschools in low-income communities. Picture taken on April 20, 2018.
The Day 1 Families Fund will issue annual leadership awards to organizations and civic groups doing compassionate, needle-moving work to provide shelter and hunger support to address the immediate needs of young families. The fund will also launch and operate a network of high-quality Montessori-inspired preschools in underserved communities.
Bezos, whose stake in Amazon is worth about $160 billion U.S., says that he'll call it the Bezos Day One Fund.
Helping the homeless has also been a focus for Amazon.
The announcement, made through a statement from Bezos, comes after the executive reached out previous year to ask for suggestions on approaches to philanthropy. Its vision statement comes from a fundraising campaign, "No Child Sleeps Outside", for Mary's Place, a Seattle homeless shelter that Amazon donated more than 47,000 square feet of space to in one of its buildings and which provides a home to 200 women, children and families. The Amazon boss and his wife, who have four children, both serve on the foundation's board directors.
"We will build an organization to directly operate these schools".
Insanely rich human being Jeff Bezos announced today his intention to do something he rarely ever does: philanthropy.
It's good that Bezos understands that there is a poverty problem, but by throwing his money at third-party organizations-and not focusing on fixing the systemic income gaps his company creates-he is only further proving the point of those who critique the tone-deafness of tech billionaires.
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.
Until now, Jeff Bezos has made only small initial steps into giving back.