Amazon's Jeff Bezos pledges £2bn to help deprived families

Jeff Bezos talks with students at the opening of the Apollo Exhibit at The Museum of Flight in Seattle

Jeff Bezos talks with students at the opening of the Apollo Exhibit at The Museum of Flight in Seattle

The Amazon founder, the world's wealthiest person, said Thursday on Twitter that he would commit $2 billion to fund existing nonprofits working to help homeless families and create a network of nonprofit preschools in low-income communities. (The foundation was formed from the merger of two smaller, pre-existing efforts: the William H. Gates Foundation and the Gates Learning Foundation.) The organization, which is focused on global health and education, has distributed $46 billion to grant recipients through previous year.

"We'll use the same set of principles that have driven Amazon", wrote Bezos.

The $2 billion is, as best we can tell, to be divided between the Day 1 Families Fun and the Day 1 Academies Fund, which will provide homeless services and operate "Montessori-inspired preschools", respectively.

Bezos is worth $164 billion, according to the Bloomberg Billionaires Index, a sum mostly derived from the about 16 percent stake in Amazon that he owns.

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The new philanthropic effort is called the Bezos Day One Fund, a nod to the executive's management philosophy that organizations must view every day with the fervor of a new start, or face stagnation and decline.

The comments appeared to be the first direct, public rebuke of Mr Trump by Mr Bezos, a frequent target of attacks by the President.

The fund will also launch a network of "full scholarship" preschools based in underserved communities. The most notable involving more than $40 million United States to the local nonprofit FareStart - a hospitality training program and restaurant business that aims to combat homelessness and poverty - and Mary's Place, whose mission to find and provide shelter for every child. Since March 2016, Amazon customers have also been able to order items from the Mary's Place's wishlist on the site, such as diapers and socks.

"Never have I been more comfortable at an Amazon board meeting!", Bezos' post read. But it's really unsafe to demonize the media. Most important among those will be genuine, intense customer obsession.

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Earlier this month, US Democratic senator Bernie Sanders proposed a bill in Congress called the "Stop BEZOS" Act, which would make large corporations pay workers more or pay for public assistance programs such as Medicaid.

With a little more than three months left in the year, Amazon CEO Jeff Bezos says he still intends to announce a decision on where its second headquarters will be located before the new year.

"Bezos' response reflects the reality that people feel, which is that there are a lot of real problems not being addressed".

"We will build an organization to directly operate these schools", he added.

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