Date
18 November 2018
Amazon founder Jeff Bezos is launching a US$2 billion 'Day One Fund' for philanthropic purposes. Photo: Reuters
Amazon founder Jeff Bezos is launching a US$2 billion 'Day One Fund' for philanthropic purposes. Photo: Reuters

Bezos announces fund to help homeless families, pre-schools

Amazon founder Jeff Bezos said on Thursday that he will commit US$2 billion to helping homeless families and starting pre-schools for low-income communities, Reuters reports.

The new philanthropic effort, called the Bezos Day One Fund, will include a “Day 1 Families Fund” that will support existing non-profits that offer shelter and food to young homeless families.

Meanwhile, the “Day 1 Academies Fund” will start an organization to operate a new network of full-scholarship pre-schools for low-income communities.

The announcement by Bezos, who is currently the world’s richest person, marks a deeper foray into philanthropy for the e-commerce pioneer, the report noted.

Bezos’ personal wealth has soared to more than US$160 billion thanks to his stake in Amazon, which is now the world’s second-most valuable public company after Apple.

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

But he is yet to join “The Giving Pledge” created by fellow billionaires Bill and Melinda Gates and Warren Buffett, whose more than 180 signatories have promised to give more than half of their fortunes to philanthropy, the report noted.

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