Amazon's CEO Starts $2 Billion Fund for Schools, Homeless

Amazon CEO Jeff Bezos

Amazon CEO Jeff Bezos

Naturally, it was easy for Sawant and others to target Amazon, but 500 businesses would have been subject to the tax, which is about 3 percent of the city's companies. With #PJammin, scores of Amazon employees joined their boss to support the cause and drive attention to raise awareness.

The first one, "The Day 1 Families Fund" will provide grants to organizations and groups that help accommodate homeless families, while "The Day 1 Academies Fund" will run a network of Montessori-based nurseries in impoverished communities. Its vision statement comes from Mary's Place in Seattle: no child sleeps outside.

Amazon chief Jeff Bezos is putting $2bn (£1.5bn) into a charitable fund he has established to help the homeless and set up a new network of schools.

Amazon founder Jeff Bezos plans to open and fund nursery schools in low income areas, promising that poor children would be treated like Amazon customers.

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The Amazon founder, the world's wealthiest person, offered detail on his philanthropic goals, announcing the Bezos Day One Fund, which will begin with an initial $2 billion.

His net worth has risen by US$64.7 billion this year alone as Amazon's shares surged.

Last year, Bezos said that he wanted to use philanthropy to help solve society's issues in the "here and now". At the time, he said he was interested in projects that address urgent need but also produce lasting impact.

"The answer is very simple", Bezos told David Rubenstein, the president of the Economic Club, when asked about the topic.

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Despite his concerns with Trump, Bezos said that he was not overly concerned about the future of the news media. "Jeff Bezos is our enemy, he is our enemy", Sawant said before the council voted.

Gates did not fully throw himself into philanthropy until he stepped down as CEO of Microsoft in 2000.

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

Bezos' relative silence was a stark contrast to peers like Bill Gates and Warren Buffett who have given away tens of billions. Some activists and politicians have partly blamed the city's problems on Amazon. Earlier this year, the company partnered with the Seattle nonprofit Mary's Place to build a permanent homeless shelter in its headquarters.

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