Jeff and MacKenzie Bezos create $2 billion fund to fight homelessness

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Jeff Bezos: World's wealthiest man

Jeff Bezos has revealed how he plans to donate a part of his fortune.

The Amazon CEO and his spouse, MacKenzie, will commit $2 billion to fund present nonprofits that assist homeless households and to create a community of preschools in low-income communities. They name their venture the “Bezos Day One Fund.”

Bezos tweeted a press release Thursday that the fund will challenge annual management awards to organizations “doing compassionate, needle-moving work to offer shelter and starvation assist to deal with the instant wants of younger households.” There can even be full scholarships for Montessori-inspired preschools in “underserved” communities, he stated.

Bezos, who additionally owns The Washington Submit and house exploration firm Blue Origin, grew to become the world’s wealthiest individual this yr, with an estimated web value of $164 billion, based on Bloomberg.

Serving to the homeless has additionally been a spotlight for Amazon (AMZN). Earlier this yr, the corporate partnered with the Seattle nonprofit Mary’s Place to construct a everlasting homeless shelter in its headquarters. It beforehand helped the nonprofit briefly home 200 homeless individuals. Since March 2016, Amazon prospects have additionally been in a position to order objects from the Mary’s Place’s wishlist on the positioning, corresponding to diapers and socks.

Earlier this month, Bezos and his spouse donated $10 million to With Honor, a nonpartisan group and tremendous PAC seeking to increase the variety of veterans in politics. The group stated the couple donated one third of its $30 million funding aim of serving to to elect a minimal of 20 American navy veterans in November.

Previously, Bezos has made political contributions, however not of this magnitude. In 2012, he donated $2.5 million to uphold Washington state’s same-sex marriage regulation.

He has additionally been criticized for not contributing his fortune to philanthropy like different billionaires have, together with Microsoft founder Invoice Gates and Berkshire Hathaway’s Warren Buffett. The Invoice and Melinda Gates Basis is a large philanthropic initiative tackling points corresponding to infectious illnesses and enhancing training.

In 2016, Bezos was requested if he deliberate to pursue philanthropy like Gates has. Bezos responded: “Yeah, if there’s something left after I end constructing Blue Origin.”

However then he modified his tune.

In a tweet final June, Bezos requested the general public for concepts about the place he ought to give his cash. He stated he was mulling a philanthropic technique that’s “the other of how I largely spend my time.”

CNNMoney (New York) First revealed September 13, 2018: 11:21 AM ET



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