Amazon's Jeff Bezos Launches $2 Billion Fund to Help Homeless

Amazon's Jeff Bezos Launches $2 Billion Fund to Help Homeless

Amazon's Jeff Bezos Launches $2 Billion Fund to Help Homeless

Bezos tweeted a statement Thursday that the fund will issue annual leadership awards to organizations "doing compassionate, needle-moving work to provide shelter and hunger support to address the immediate needs of young families".

The fund will also seek to launch and operate "a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities", he wrote.

Bezos, whose stake in Amazon is worth about $160 billion United States, says that he'll call it the Bezos Day One Fund. But in the year since Amazon announced its intent to build a second headquarters in another North American city with room for up to 50,000 employees, the company's every move has been closely scrutinized in an effort to divine which city will win the extraordinary contest.

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Bezos's personal wealth has soared with the value of Amazon, whose stock price has doubled over the past year with its expansion into new sectors and geographies.

Amazon founder Jeff Bezos plans to open and fund nursery schools in low income areas, promising that poor children would be treated like Amazon customers.

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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Geek Wire reports that as part of Childhood Cancer Awareness month, Amazon has also rolled out a specially branded Prime Air jet and made charitable donations to two institutions working toward better awareness of childhood cancer.

In a tweet last June, Bezos asked the public for ideas about where he should give his money. In January, Bezos also personally gave $33 million United States in college scholarships for young immigrants living in the USA illegally. As per the current Giving Pledge signatory, Bezos is not participating. The Seattle-based Bill and Melinda Gates Foundation as the world's largest private nonprofit foundation has an endowment worth over $40 billion USA and has long supported homelessness services for families in the city.

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