Amazon founder Jeff Bezos, the richest person on the planet, announced Thursday he was creating a philanthropic fund to help homeless families and launch preschools in low-income communities, committing an initial $2 billion.
More than two decades later, Amazon earns more than $177 billion annually, while Bezos has a personal net worth of more than $160 billion and various side projects, including the space tourism firm Blue Origin and ownership of the Washington Post. The Day 1 Academies Fund will launch and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities.
Some resorted to the same argument as US President Donald Trump, who has attacked Amazon for not paying enough taxes and using US postal office as its "delivery boy".
In the business world, instinct is more important that data sets, according to Bezos. "September is Childhood Cancer Awareness month", he wrote saying Amazon employees around the globe will be wearing pjs to work to show their solidarity and support to children suffering from the deadly disease.More news: Ariana Grande Posts Heartbreaking Statement About Mac Miller
By choosing to focus his philanthropy on homelessness and early education, Bezos is likely influenced both by his parents's Bezos Family Foundation and by his adopted hometown of Seattle, however mixed some people there may feel about the city's growing affordability crisis that's been largely attributed to the success of Amazon.
Jeff Bezos, Chairman and CEO of Amazon, speaks at the George W. Bush Presidential Center's Forum on Leadership in Dallas, Texas, US, April 20, 2018.
Bezos hasn't said how much he'll be contributing to the fund in coming years.
And earlier this year, under pressure from Amazon and other large employers, Seattle's city council repealed an employee head tax that would have funded housing and services for the homeless.More news: Nintendo Direct: Final Fantasy and NES classics coming to Switch, kupo!
"There are certain things that only big companies can do", Bezos said. "I am glad I am being scrutinised, ' and that would be so secure and confident", Bezos said.
"We will build an organization to directly operate these schools". The company's approach has changed a bit in recent years with the growth of its public-relations and corporate-affairs group, and Amazon has moved to consolidate scattered philanthropy initiatives underway and offer official support for more. It's also social norms that protect us. Alibaba owns the South China Morning Post.
Bezos, who acquired the Washington Post for $250 million in 2013, vowed to defend the paper's coverage from President Trump's criticisms, suggesting its reporting on the administration is fair and balanced.
The Amazon chief's wealth has become problematic for some.More news: Hurricane Florence has weakened but will still be devastating