Monday, 22 October, 2018

Amazon's Jeff Bezos to start $2 billion charitable fund

Sources News reports and announcements Sources News reports and announcements
Sandy Nunez | 14 September, 2018, 03:58

There will also be full scholarships for Montessori-inspired preschools in "underserved" communities, he said. Amazon board members are reportedly coming along for the trip, four sources told The Washington Post.

Bezos said the schools would "use the same set of principles that have driven Amazon" and that "the child will be the customer".

Bezos, who founded Amazon as an online book store more than two decades ago, has seen his wealth surge along with Amazon's stock.

Bezos had previously been critiqued for not making his philanthropic mark like other billionaires, including Warren Buffett and Bill Gates.

Bezos's fortune comes mainly from his stake in Amazon, the diversified online firm which briefly hit $1 trillion in market value this month and is the second most valuable company after Apple.

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An Amazon spokesman didn't have details on who would run Bezos' new initiative, or where the group would be based. The following week, Bezos will speak at the Air Force Association conference in National Harbor, an appearance tied to his rocket company, Blue Origin.

Despite his fortune, Bezos has not been a major philanthropic donor and Amazon has been criticized in its home of Seattle, Washington, for doing little to address problems of the growing homeless population. The Bezos Family Foundation, which is best known for its support of children's education, has been largely funded by his parents from Amazon holdings they acquired as early investors in their son's enterprise.

The private non-profit foundation in its 2016 tax filing reported almost $46 million United States in assets, and giving away $30 million USA in grants support its missions in early education, K-12 schools reform and youth leadership development and scholarships.

Bezos made the announcement Thursday in a tweet and a post on his Instagram account.

Helping the homeless has also been a focus for Amazon. In January, Bezos also personally gave $33 million United States in college scholarships for young immigrants living in the USA illegally.