Jeff Bezos Pledges $2 Billion Toward Education and Homelessness

Bezos to launch network of preschools 'The child will be the customer'

Who would have thought that with all the wealth in the world, the richest man on Planet earth would wore his pair of pajamas in a board meeting. Recall also that Amazon lobbied hard (and successfully) to repeal a progressive tax in its home city of Seattle that would have taken funds from large corporations and earmarked it to combat the region's epidemic of homelessness.

"That's what a rigged economy is about", Sanders said, as he introduced the bill. Neither was aware of any information beyond what was disclosed by Bezos, and both said their organisations had not been asked to advise the use of the Day 1 funds.

The Day 1 Academies Fund will launch and operate a network of high-quality, full-scholarship, Montessori-inspired pre-schools in low-income and underserved communities, he said. The fund's vision statement comes from non-profit Mary's Place in Seattle: no child sleeps outside.

Mr Bezos asked on Twitter last year for suggestions on how he might use his personal fortune, which this year has soared due to Amazon's surging share price and U.S. tax cuts. "The secret sauce of Amazon - the number one thing that has made us successful has by far is obsessive, compulsive focus on the customer". Jeff Bezos's net worth is about $150 billion, so this campaign represents a little over 1% of that.

Mr Bezos solicited ideas on Twitter past year for ways to donate some of his wealth.

The missive set off a frenzy of responses, including pleas to support health care, loan forgiveness and even offbeat appeals to back a leather fetish museum in Chicago. 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.

The new philanthropic effort is called the Bezos Day One Fund, a nod to the executive's management philosophy that organizations must view every day with the fervor of a new start, or face stagnation and decline.

"But it is really unsafe to demonise the media". "It was only a matter of time before Bezos would join this new era of big philanthropy". "The media is going to be fine", Bezos said, according to AFP, before paraphrasing Post editor Marty Baron: "The administration may be at war with us, but we are not at war with the administration".

"Thank you so much for supporting kids like mine by advocating for childhood cancer funding!" wrote one person in the comments section.

"We live in a society where it's not just the laws of the land that protect us", he added. Zuckerberg's shares in the social network are now valued at about US$61 billion.

Gates has also, with billionaire investor Warren Buffett, encouraged wealthy individuals to pledge half their fortunes to worthy causes.

American billionaire philanthropy is spreading elsewhere. Alibaba owns the South China Morning Post. It previously helped the nonprofit temporarily house 200 homeless people.

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