Within this, the Day 1 Families Fund will support existing non-profits that offer shelter and food to young homeless 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.
Some resorted to the same argument as US President Donald Trump, who has attacked Amazon for not paying enough taxes and using US postal office as its "delivery boy". "The secret sauce of Amazon - the number one thing that has made us successful has by far is obsessive, compulsive focus on the customer".
Mr Jeff Bezos, founder of Amazon and owner of the Washington Post newspaper, warned on Thursday (Sept 13) that President Donald Trump's attacks on the media are risky for the country.
Bezos' announcement comes on the heels of a number of high-profile philanthropic efforts by the country's tech billionaires. He has not signed on to the Giving Pledge, and the Bezos Family Foundation is reportedly run by his parents; Bezos does not play an active role.
Despite his concerns with Mr Trump, Mr Bezos said that he was not overly concerned about the future of the news media.
Nintendo Direct set for 9/13, will include Switch Online details
One is a pair of Nintendo Entertainment System Controllers that will work with the Nintendo Switch's enhanced NES games . If your Switch has more than one account, they offer a bundle deal for two or more accounts at $34.99.
"All big institutions of any kind are going to be and should be examined, scrutinized and inspected", he said.
As with most investment decisions by the Amazon founder, this one was likely grounded in data and science.
Many in the philanthropic sector say they're glad that the world's richest man was directing some of his largesse a little closer to home. "We will build an organization to directly operate these schools", he added.
Zuckerberg, 34, and his wife Priscilla Chan said in 2015 that they planned to give away 99 per cent of their Facebook stock.
"We live in an age in which the winners have done incredibly well and perhaps the majority of working Americans haven't", said Anand Giridharadas, author of "Winners Take All: The Elite Charade of Changing the World".
Gates has also, with billionaire investor Warren Buffett, encouraged wealthy individuals to pledge half their fortunes to worthy causes.
The Amazon chief's wealth has become problematic for some.