Jeff Bezos’ new philanthropic aims to create the Bezos Day One Fund which will have sub funds catering to various interest groups, including providing full scholarships to pre-schools children in low-income communities and support existing NPOs that offer shelter and food to young homeless families.
Amazon.com’s CEO, Jeff Bezos, who is also the world’s richest man, said he will spend $2 billion to help homeless families as well as start pre-schools for low-income communities.
The development marks a deepening of Bezos’ philanthropy activities.
In 2017, Bezos had solicited ideas on Twitter to find ways to donate some of his wealth. He has financially provided scholarships for immigrants and has supported research on cancer. The bulk of his fortune though he has allocated to his Blue Origin rocket company, which he describes as an “investment in the future of our planet through the development of foundational space infrastructure.”
He has named this new philanthropic effort as the Bezos Day One Fund. Within this fund, the “Day 1 Families Fund” will support existing non-profit organizations that offer shelter and food to young homeless families.
Within this fund is also the “Day 1 Academies Fund” which aims to provide a full-scholarship to pre-schools children in low-income communities. Citing Amazon’s mantra of placing the customer first, Bezos tweeted, “The child will be the customer.”
In remarks to the Economic Club of Washington, Bezos said, it is “really really hard” for a child to catch up if they fall behind in their early years. This money will pay “gigantic dividends for decades.”
Bezos has yet to public state how much money he would eventually give away.
Incidentally, earlier this month, U.S. Senator Bernie Sanders, a self-described democratic socialist, proposed a bill in Congress called the “Stop BEZOS” Act. The bills aims to force large corporations to pay more for public assistance programs including Medicaid.
As per a statement from Amazon, Sanders’ statements about the company were “inaccurate and misleading.”