Jeff Bezos launches $2-billion fund to help homeless families, build preschools

Bezos Amazon board visiting Washington but no headquarters announcement planned

Amazon CEO Jeff Bezos walks onstage for the launch of the new Amazon Fire Phone in Seattle

The Amazon CEO and his wife, MacKenzie, will commit $2 billion to fund existing nonprofits that help homeless families and to create a network of preschools in low-income communities.

In a post to his Twitter account, Bezos said one part of the fund will give money to organizations and groups that provide shelter and food to young homeless families.

The other component, called the "Day 1 Academies Fund", will create "and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities", Bezos said.

He said: "We'll use the same set of principles that have driven Amazon". Most important among those will be genuine, intense customer obsession. "September is Childhood Cancer Awareness month", he wrote saying Amazon employees around the globe will be wearing pjs to work to show their solidarity and support to children suffering from the deadly disease.

Watch live streaming video of Hurricane Florence rolling into North Carolina
For a swath of the North Carolina shore from Cape Fear to Cape Lookout, the storm surge could range from 9-13 feet, the NHC said. Water kills more people in hurricanes than wind, and he said it will still be an extremely risky storm for rain and storm surge.

The Bezos Family Foundation, best known for supporting children's education, has been largely funded by his parents from Amazon holdings they acquired as early investors in their son's enterprise.

I want to close be thanking everyone who sent me suggestions, and for the inspiring examples of innovation I see every day, large and small. Zuckerberg's shares in the social network are now valued at about US$61 billion. In August 2010, 40 of America's wealthiest individuals and couples joined together in a "Giving Pledge", which was a commitment spearheaded by Bill and Melinda Gates and Buffet for these wealthy individuals to give away more than half of their wealth.

American billionaire philanthropy is spreading elsewhere. While his and Amazon investors' wealth increases-and the company's market capitalization approaches $1 trillion-what makes the business so efficient is that relies on automation and low-priced labor. 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. Amazon is designating 47,000 square feet of space at its new corporate office for a permanent Mary's Place shelter.

Latest News