Wednesday, 26 September, 2018

Amazon CEO Jeff Bezos launches $2B fund for homeless, low-income families

Amazon chief Jeff Bezos gives $2bn to help the homeless Here’s why the world’s richest man Jeff Bezos wore pajamas to a board meeting
Sandra Phillips | 14 September, 2018, 03:58

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 new "Bezos Day One Fund" is the result; it'll work to issue "awards" to existing nonprofits that provide shelter and food to homeless young families.

The second will launch a network of "high-quality, full-scholarship" preschools in low-income communities, which a Day One Fund organization will directly operate.

The announcement marks a deeper foray into philanthropy for Bezos, whose fortune has soared to more than $160 billion thanks to his stake in Amazon, according to Forbes.

Earlier this year Amazon played a pivotal role in diminishing and ultimately defeating a Seattle business tax to fund homelessness services and affordable housing.

Mr Bezos - reportedly worth more than $164bn - has faced criticism for not doing more philanthropic work.

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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. An Amazon.com Inc. spokeswoman said the $2 billion will all come from Bezos.

"Another way we're raising awareness is through our special #GoGold boxes - you may receive one during September", he added.

Bezos made the announcement Thursday in a tweet and a post on his Instagram account.

Last year Bezos solicited advice from the public via Twitter, asking how he could best use his wealth to help people "right now".

Bezos has yet to sign the Giving Pledge, an initiative launched by Gates encouraging billionaires to commit to giving away most of their wealth. In January, Bezos also personally gave $33 million USA in college scholarships for young immigrants living in the U.S. illegally. It also comes as tech giants like Amazon face the threat of tougher regulations to protect consumer privacy and complaints from the Republican-controlled Congress and White House over alleged liberal bias influencing how their offerings are presented to consumers.

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