Saturday, 17 November, 2018

Amazon's Jeff Bezos to start $2B USA charitable fund

Amazon CEO Jeff Bezos Amazon CEO Jeff Bezos
Russell Knight | 14 September, 2018, 17:11

The wealth that Bezos has amassed hasn't come without controversy, as many critics point to poor working conditions at his facilities while others say he doesn't do enough for the public good.

On Twitter, he posted a screenshot of an announcement pledging to donate $2 billion to fund "existing non-profits that help homeless families, and [create] a network of new, non-profit, tier-one preschools in low-income communities".

"If our own great grandchildren don't have lives better than ours, something has gone very wrong", Bezos said in a tweet on Thursday. In addition to Amazon, my area of focus so far have included investment in the future of our planet and civilization through the development of foundational space infrastructure, support of American democracy through stewardship of the Washington Post, and financial contributions to the dedicated and innovative champions of a variety of causes, from cancer research, to marriage equality, to college scholarships for immigrant students, to decreasing political polarization through cross-partisan support of principles, next-generation military vets running for Congress.

In 2016, Bezos was asked if he planned to pursue philanthropy like Gates has.

The fight soured many more locals on Amazon and Bezos, and also overshadowed the growing portfolio of philanthropy they had done in the city.

Since then, he and his wife have built the Bill & Melinda Gates Foundation, which had an endowment of US$51 billion at the end of 2017 and pledges to spend all its resources within 20 years of its founders' deaths.

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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 U.S. government postal operator.

"The media", Mr. Bezos added, "is going to be fine".

He said "we have made tremendous progress" in the search but offered no clues, despite reports that Amazon board members had visited locations in the Washington suburb of Arlington, Virginia. Most important among those will be genuine, intense customer obsession. The most notable involving more than $40 million USA to the local nonprofit FareStart - a hospitality training program and restaurant business that aims to combat homelessness and poverty - and Mary's Place, whose mission to find and provide shelter for every child.

Jeff Bezos, the founder and CEO of Amazon, just made a long-awaited announcement about what philanthropic causes would benefit from his enormous fortune - which has doubled in one year and is now estimated at more than $160 billion. Bezos said it was unsurprising and even normal to face questions when a company like Amazon becomes so big.

"Bezos' response reflects the reality that people feel, which is that there are a lot of real problems not being addressed". They call their project the "Bezos Day One Fund".

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